GDB expands banking services offered to gov’t entities
Government Development Bank President Melba Acosta-Febo announced Wednesday the range of government banking services that are now available to public corporations, agencies and municipalities, essentially provided at no charge.
With the new services, the GDB has “positioned itself as a leading provider of banking services to government entities.” The GDB has adopted the BAI2 technology, the highest banking security technology for online account reconciliation, she said.
“Through the GDB, all agencies, municipalities and public corporations of the Commonwealth of Puerto Rico may take advantage of the government banking services which, in general, are provided at no charge, thus achieving important savings for the municipalities, agencies and public corporations,” Acosta-Febo said.
In addition to sending banking statements with check images, providing collection services for fraudulent endorsements and for checks with insufficient funds, and managing federal funds under the Cash Management Improvement Act, the GDB offers:
- E-banking, through which GDB clients may manage their accounts and perform the following actions: transaction inquiries, check inquiries, transfers between accounts, and statement requests, among others;
- Check services, such as: acquisition of check forms with individualized art and multiple safety mechanisms; verification of maintenance and transactions on all accounts; delivery of paid check images together with monthly account statements in CDs or DVDs; automatic management of the history of deposited returned checks; search, download and printing of check images through the Depot Express imaging system; exporting data to spreadsheets on MS-Excel and exporting check images in different formats, such as bmp, jpg, tiff, and; delivery of banking reconciliation reports in BAI2 file format, on paper, magnetic tape or file, together with the client’s account statements, including information of checks paid, checks in transit, checks with stop payments, and stale checks.
- Power cash management, a digital platform that offers clients online access to their accounts to: verify balances and transaction history of all their accounts; send wire transfers; make transfers between internal accounts; verify paid checks; stop payments on checks; issue checks data electronically; stop payments on a check or series of consecutive checks; issue checks [data] to help control exemptions in the clearing process (positive pay); and check issuance update and check issuance reversal.
- ACH electronic transactions, through which clients may perform the following transactions: payroll direct deposit, pay expenses or make any other payment to employees; process payment to vendors with notice of payment sent by e-mail; transfers between accounts (cash concentration or disbursement between internal and external accounts); payment of withholdings to the Social Security; payment of child support withholdings to ASUME; payment of income tax withholdings to the Treasury Department; payment of withholdings to the Commonwealth Employees Association (AEELA); and other credit or debit transactions, according to the client’s needs or type of business.
- Notices of transactions via email, including: effective date of disbursements; disbursement identification (e.g., invoice number); and information about the agency making the disbursement (e.g., contact person, email, telephone number).
- Products: checking accounts (Interest Bearing Accounts or IBAs); deposit accounts (IBAs and Non IBAs); zero balance accounts (sweep accounts); and certificates of deposit.
“We’re very pleased that our services are available to satisfy the needs of our agencies, public corporations and municipalities while providing them the opportunity to make important savings in their operating costs,” Acosta-Febo said.
The agency did not disclose the investment it made to launch its new offerings.