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What is PCBB's role in Check 21?
Capture – Clearing – Cash Management
PCBB’s Cash Management Services, such as Settlement and Fed Funds “As Agent” Program, as well as other correspondent banking services provided to our respondents are even more important in an image capture and Check 21 environment.
In short, since image capture accelerates the collection and availability of funds (in some cases, banks may realize same day settlement of items), PCBB’s Settlement and Fed Funds “As Agent” Program provide our respondents with the opportunity to earn additional investment income as these funds are collected faster and are automatically invested nightly via PCBB’s Sweep service.
Daily investments are maximized as all end-of-day balances above the “target” balance are automatically swept into our Fed Funds “As Agent” Program. FRB clearing balance management is eliminated and the community bank’s liquidity is improved by allowing the use of all available balances.
All intra-day and previous day account activity and balances are monitored and tracked through PCBB’s secure, online Cash Management platform Correspondent Bank Connection (CBC).
Link below to learn more about the Banking Services we provide!
"Using the PCBB Cash Management Service has enhanced our daily cash desk process by improving efficiencies, strengthening operations, and reducing FTE allocation." ~ Pam Hagenston, EVP & Chief Financial Officer, Coastal Community Bank, Everett, WA |
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