FirstBank launches ‘Smart Cash,’ ‘Smart Check’ services

Written by  //  May 23, 2013  //  Banking, Financial District  //  No comments

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From left: FirstBank Executives Carlos Figueroa, senior vice president in charge of alternate delivery channels; Ginoris López-Lay, executive vice president and director of retail and business banking; and Michael McDonald, executive vice president and business group director.

From left: FirstBank Executives Carlos Figueroa, senior vice president in charge of alternate delivery channels; Ginoris López-Lay, executive vice president and director of retail and business banking; and Michael McDonald, executive vice president and business group director.

FirstBank’s commercial clients now have an additional tool to conduct their transactions remotely, with the availability of new “Smart Cash” and “Smart Check” services, unveiled Wednesday. Available to small and medium businesses, as well as corporate clients, these new products expand the bank’s reach to all geographic areas.

“Aligned with our strategy of providing excellent service to the commercial sector, we are adding these two products that, not only allow remote access, but reduce costs and help improve business’ operational efficiencies,” said Ginoris López-Lay, executive vice president and director of retail and business banking for FirstBank.

“Smart Cash” allows clients to deposit cash securely in a smart safe at their locations, which automatically transmits deposit information to the customer’s account. This service is particularly valuable to businesses that handle large sums of cash and thus are required to make almost daily deposits at the bank.

Some advantages of “Smart Cash” include: faster funds availability on deposits through credit provisioning; counterfeits notes; reduction in armored carrier visits; reduction on human errors; detailed deposit records; daily deposit reconciliation by branch and by employee; increased safety; reduction of cash at hand and in armored carrier costs.

On the other hand, “Smart Check” enables the business to electronically deposit check items from their location, 24 hours a day, 7 days a week. It allows the client to save time and money by reducing trips to the bank; increases cash flow and accelerates detection of returned items because the customer has until 10 p.m. to make same day deposits.

“Both products, ‘Smart Cash’ and ‘Smart Check’ are exceptionally advantageous to businesses, no matter their size. They provide a fast and secure way to make bank deposits without visiting a branch bank. One of the most significant benefits is the security factor because, by reducing trips to the bank, the customer is less exposed to potential criminal activity,” explained Carlos R. Figueroa, senior vice president in charge of alternate delivery channels.

In addition to these products, FirstBank will soon be implementing Mobile POS, an application that will allow clients to process transactions with debit or credit cards from their iPhone and iPad.

Also, in its final development stage is a state of the art cash management tool that includes Positive Pay, an automated fraud detection process that compares the account number, the person or entity to whom it is issued, the check number and the payment amount, to a list of checks previously authorized and issued by the commercial customer. The system submits the exceptions to the client for payment authorization.

“Smart Cash” and “Smart Check” are part of FirstBank’s array of product and services available to commercial customers, such as: term loans, lines of credit, wire transfers and letters of credit, POS, cash management, Internet banking, ACH, and lock box, among others.

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