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Collection Services
To maximize your cash flow while minimizing the effort required, we help you efficiently manage your cash through a variety of electronic and paper-based collection services.
Lockbox Network
Our Lockbox Network, with seven sites nationwide, provides fast, efficient, and accurate collections. You can access check images on your desktop and use electronic accounts receivable information to automate your receivables posting process.
Our electronic receivable capabilities include Automated Clearing House (ACH), Wire Transfer, Cash Concentration, and Electronic Data Interchange (DDI) collection services. These efficient collection processes post funds to your account quickly, allowing you to maximize earning credits and interest revenue.
With Citizens Bank, there is no need to maintain multiple accounts in different states. You can use any of our branches across New England, Mid-Atlantic, and the Midwest states, to make check deposits into a single account at Citizens Bank. Our deposit reconciliation service enables you to track deposits by location -- while providing you with the operational and cost efficiencies of a single account.
International Collection Services
We also offer a comprehensive selection of international collection services to expedite receipt of your international funds:
- Our Foreign Exchange services can assist you in assessing currency risk and suggest strategies for protection from fluctuation in the currency markets
- Citizens Bank Wire Transfer services can expedite the receipt and posting of funds received internationally
- Letters of Credit and Documentary Collections will provide the collection support you need for international trade transactions
- Our International Check processing service enable checks that are drawn on a bank outside the United States to be deposited in a Citizens Bank foreign currency account or USD account
Electronic Data Interchange (EDI)
The Electronic Data Interchange (EDI) service enables you to electronically send and receive payments and associated information in a standardized format. You can communicate with numerous trading partners and financial institutions in a single format, eliminating the need to develop individual file formats to accommodate the various systems requirements of each institution.
Using Financial Electronic Data Interchange (FEDI), you extract information from your accounts payable system and send it electronically to the bank to initiate payments and remittance information to your trading partners. You can also collect information on the payments you receive in an EDI format from the bank.
The Receivables Service gathers information from various sources including the Automated Clearing House (ACH), Lockbox, and Wire Transfers.
The Origination Service allows customers to outsource their entire payables information or select only the options that they need. Options include ACH, Check Processing and Wire Transfer.
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© Copyright 2008 Citizens Financial Group. All rights reserved.
Citizens Bank is a brand name of RBS Citizens, N.A. and Citizens Bank of Pennsylvania. Citizens Bank is a division of RBS Citizens, N.A. and Citizens Bank accounts and other RBS Citizens, N.A. accounts are not separately insured by the FDIC. Citizens Bank of Pennsylvania is not part of RBS Citizens, N.A.
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