- Overview / Introduction
- Collection Service
- Payment Service
- Liquidity Management
Overview / Introduction
Bank of Baroda is technology led and service driven Bank and operates out of large expanding network of 3100 plus outlets across the country. 100% outlets are electronically linked i.e. working under Core Banking Solution (CBS). Baroda Cash Management Services (BCMS) is a software application that facilitates management of customers fund, particularly, of Corporate customers. BCMS is our thrust area and technology advantage helps us in delivering superior products. This provides us competitive advantage and you may route your voluminous collection/payment through us for faster credit to Corporates/ your suppliers.
BCMS is based on robust technology capable to cater to collection/receivables or payment/payable requirement of -
- Large Corporate
- Small and Medium Enterprises
- Mutual Funds
- Financial intermediaries
Highlights of the Product:
- State-of-the-art features
- End-to-end solutions to Corporate Clients
- Comprehensive product having following four Modules
- Collection Module - a) Cash Deposits b) Collection of local / outstation cheques
- Payment Module - a) Direct Debit b) ECS c) DD/BC d) RTGS/NEFT/IFT e) D/W
- Liquidity Mgmt Module - Sweep-in/ Sweep-out from Concentration A/c
- Front-end Module - Internet facility Including Audit Trail
You must have experienced that the collection of local and outstation funds are expensive and time consuming, needs constant follow-up and tracking. Bulk and voluminous payments needs lot of manual involvement and attracts huge cost.
To eliminate these bottlenecks, Bank of Baroda has come out with a comprehensive range of collections and payments modules under BCMS products to take care of your needs. It will enable you to have following advantages -
- Our collection module will help you receive funds in your account in minimum transit time thereby reducing costs of your borrowings.
- Quick realization results in improve liquidity position thereby improving the bottom line and financial ratios.
- Detail information on cheques deposited are made available on daily/weekly basis/periodically which helps in accounting and reconciliation. Fund forecasting report can also be provided for better fund management for all BCMS locations. Customized MIS can be provided as per your requirement.
- You may download statement of BCMS transactions from our website BOB_CMS for your BCMS account.
- Centralized operations provides a dedicated service to ensure that your queries are resolved quickly and efficiently.
- We offer innovative pricing structures that enable you to remain competitive. Our price structure covers tiered pricing, volume rates.
- Cheque pick-up facility at your door step at select locations.
The Collection Module handles all inflow of funds in your accounts, which can be by way of :
- Cash Deposit
- Proceeds of local cheques
- Proceeds of outstation cheques
- Proceeds through DDI (Direct Debit Instructions) Mandate, some Banks call it ADM (Automatic Debit Mandate)
The inflow of funds is efficiently managed by the Collection Module of BCMS by capturing all relevant details of the three types of transactions listed above and thereby helping you,both for your MIS as well as for reconciliation. The collection of cheques, whether local or outstation, can be programmed for pre-defined days, enabling you to forecast your financial position and helping you in financial decision making.
Direct Debit Instructions (DDI) / Automatic Debit Mandates (ADM)
Funds can be collected in your accounts from the payees who have given DDI/ADM in your favor as per predefined periodicity.
BCMS payment module can help you to reduce your overall processing costs, saving time and money while providing a value-added service to your suppliers. Our comprehensive payment module will enhance your accounts payable process, thus eliminating many manual task involved in making payments, allowing you and your staff to spend more time focusing on your core business needs. We understand that most of your efforts in payment is directed towards initiation, difficulties in reconciliation process. With BCMS payment module you can track the exact status of each payment through timely reports that can be uploaded in your company’s system.
Paper Based Instruments
Demand Draft/Banker’s cheques Printing - To Cater to your need for issuing bulk DD/BC, we offer our centralized DD/BC printing services. Status of DD paid/unpaid can also be provided.
Customer Cheque Printing - Payment by cheque still remains a popular mode but involves time-consuming and laborious manual processes. Payment outsourcing to bank would enable you to get the cheques printing as per the payment file. At present cheques can be printed at Central Operation Hub (COH) Mumbai & at Branches and can be dispatched through courier to you or the beneficiaries as per your instructions.
To cater to your need for bulk / voluminous payments through electronic mode, we offer centralized payment through COH and branches as under
NEFT - NEFT is introduced in Banking System to facilitate an efficient, secure, economical, reliable and expeditious funds transfer and clearing in the banking sector throughout India. Payment file in prescribed format in soft copy is to be submitted to bank for crediting the beneficiary’s account with specified amount normally on the same day.
RTGS - RTGS system is a payment settlement system that minimizes the credit risk in the prevalent cheques clearing system. BCMS provides immediate electronic fund transfer to RTGS enabled bank branches of other Banks across the country.
IFT (Internal Fund Transfer) - Payment of Dividend/Interest or Redemption to customers of our Bank (i.e. fund transfer between BOB branches).
Payment to your suppliers/employees who are banking with us (i.e. fund transfer between BOB branches).
PAY ROLL - Salary to your employees can be effected through BCMS package.
On receipt of payment file we process the same and thereafter provide update payment status report and return payment status report for easy reconciliation and accounting at your end.
Corporate’s main challenge revolves around ensuring that the company’s cash resources are utilized to maximum advantage.
Liquidity Management helps in managing funds in various accounts called Contributing Account by sweeping in one account called Concentration Account at specified time (may be end of day) and funding of different contributing accounts through Concentration Account at specified time (may be beginning of day).
For further details, please contact the Bank of Baroda Branch nearest to you.
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