Cash management services are tailored to meet specific cash flow cycles and include Lockbox, Funds Transfer and Foreign Exchange services, among others.
Our Check Reconciliation Service can help reduce the amount of time you spend on manual account administration by automatically recording transactions and generating reports detailing account activity and current balances.
You’ll receive a fully reconciled statement each period that compares check issue information against items that have cleared an account. The report, delivered electronically or by mail, lists all paid checks, outstanding checks, voided items and stop payments.
We also provide paid check reports for the reconciliation period that include check number, dollar amount and settlement date, enabling clients to compare information against their own records.
You’ll gain important fraud protection through our automated check matching process. We compare clients' files of issued checks against incoming checks and notify clients of discrepancies online, to provide for authorized exceptions prior to processing.
Through the Automated Clearing House at Boston Private, you can transfer funds between banks. Companies can use it to make payments to employees and others or to collect funds from customers.
Accessibility, convenience and protection are essential for your business spending, so with your Boston Private Business Debit Card, you have the security and ease of round-the-clock debit card resources.
Our new CardValet® mobile app is a great tool for our small business clients to control their Boston Private Debit Cards and to prevent fraudulent charges from being made. All transactions can be monitored or controlled for specific merchant categories, such as travel, restaurants or entertainment, and can be denied or reported for types of merchants deemed not business related.
To learn more about our CardValet® mobile app, click here.
In addition to completing international transactions with U.S. dollars, you can send and receive a wide variety of foreign currencies by wire. Spot contracts are generally used to make these payments or convert foreign currency to U.S. dollars at current exchange rates. Settlement generally occurs two business days after the transaction date. View our Incoming Wire Transfer Instructions.
Clients that need to make payments by check in a foreign currency may purchase foreign drafts. A foreign draft, similar to an official bank check, is drawn on a foreign bank in foreign currency.
Transfer funds into or out of your Boston Private accounts using our Fund Transfer Services, which provide a secure, effective and reliable method for you to transmit or receive payments with a same-day settlement.
Our Lockbox Service is designed to help business clients maximize productivity and make day-to-day operations easier. For corporations that receive a moderate volume of high-dollar payments, the Lockbox offers a fast, automated remittance process that reduces float and reconcilement costs.
This is how it works: Your customers mail their payments to an exclusive Boston Private postal box. We collect, sort, process, image and deposit the mail in accordance with your specific processing instructions. The incoming payments are deposited into the checking account you’ve specified. Upon request, high-quality images can then be attached to invoices and mailed to you with a deposit summary report. An electronic transmission of all deposit items may also be obtained.
Additionally, you can access images of remittance checks and invoices via our secure Internet site. You can review intraday reports and images via the secure web portal. You’ll also be able to perform dynamic inquiries based on any data element and print all images.
Remote Deposit is a convenient remittance service for business clients that allows you to process checks in a quick, secure and efficient manner from your desktop, improving cash flow and helping to reduce costs. Clients are given a Remote Deposit Scanner, but need no additional software. Checks received at your corporate location are scanned to create a digital deposit. The digital deposit is sent via a secure Internet connection to Boston Private, which accepts and posts the deposit to your account, subject to collection from the payer’s bank. The benefits of Remote Deposit include:
Certain products and services may not be available in all regions. Please contact your Relationship Manager to learn more.