Matching
Match the description with the correct service provided by modern FIs from the list below.
Premises:
Combining the e-mail capability of the internet and the interbank payment networks to assist in the presentation and collection of invoices.
Encoding, endorsing, microfilming, and handling customers' checks.
A feature that records which checks have been paid by the FI.
Using encryption technology to assist in the electronic transaction of business between customers and businesses.
A centralized collection service where the payments are received on-line for corporate customers.
Moving funds from accounts in several FIs into a few centralized accounts at one FI.
Allows efficient management of multiple currency and security portfolios for trading and investment purposes.
Coordinating the need for funds early in the day with a wire transfer to allow disbursement of the funds later in the day.
Helping small firms set up electronic infrastructure for payment capabilities and interactive website capability.
Allows customers in a network to access FI computers to initiate letters of credit.
Automating the information flow associated with the procurement and distribution of goods and services between businesses.
Providing for the transmission of invoices, purchase orders, and shipping notices automatically using FIs as Clearing Houses.
A centralized collection service for corporate payments to reduce the delay in check clearing.
The transmission of payments and payment messages by CHIPS, SWIFT, Fedwire, etc.
Responses:
Check deposit services
Treasury management software
Electronic lockbox
Electronic billing
Facilitating business-to-business e-commerce
Account reconciliation
Electronic data interchange
Verifying identities
Assisting small business entries into e-commerce
Electronic funds transfer
Wholesale lockbox
Electronic initiation of letters of credit
Funds concentration
Controlled disbursement accounts
Correct Answer:
Premises:
Responses:
Combining the e-mail capability of the internet and the interbank payment networks to assist in the presentation and collection of invoices.
Encoding, endorsing, microfilming, and handling customers' checks.
A feature that records which checks have been paid by the FI.
Using encryption technology to assist in the electronic transaction of business between customers and businesses.
A centralized collection service where the payments are received on-line for corporate customers.
Moving funds from accounts in several FIs into a few centralized accounts at one FI.
Allows efficient management of multiple currency and security portfolios for trading and investment purposes.
Coordinating the need for funds early in the day with a wire transfer to allow disbursement of the funds later in the day.
Helping small firms set up electronic infrastructure for payment capabilities and interactive website capability.
Allows customers in a network to access FI computers to initiate letters of credit.
Automating the information flow associated with the procurement and distribution of goods and services between businesses.
Providing for the transmission of invoices, purchase orders, and shipping notices automatically using FIs as Clearing Houses.
A centralized collection service for corporate payments to reduce the delay in check clearing.
The transmission of payments and payment messages by CHIPS, SWIFT, Fedwire, etc.
Premises:
Combining the e-mail capability of the internet and the interbank payment networks to assist in the presentation and collection of invoices.
Encoding, endorsing, microfilming, and handling customers' checks.
A feature that records which checks have been paid by the FI.
Using encryption technology to assist in the electronic transaction of business between customers and businesses.
A centralized collection service where the payments are received on-line for corporate customers.
Moving funds from accounts in several FIs into a few centralized accounts at one FI.
Allows efficient management of multiple currency and security portfolios for trading and investment purposes.
Coordinating the need for funds early in the day with a wire transfer to allow disbursement of the funds later in the day.
Helping small firms set up electronic infrastructure for payment capabilities and interactive website capability.
Allows customers in a network to access FI computers to initiate letters of credit.
Automating the information flow associated with the procurement and distribution of goods and services between businesses.
Providing for the transmission of invoices, purchase orders, and shipping notices automatically using FIs as Clearing Houses.
A centralized collection service for corporate payments to reduce the delay in check clearing.
The transmission of payments and payment messages by CHIPS, SWIFT, Fedwire, etc.
Responses:
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