AUB starts cash management system

Cash management is not the exclusive enclave of corporates and major domestic and foreign commercial banks.

That is what medium-sized commercial bank Asian United Bank (AUB) wants the banking public to know. It is also available for the middle market and small and medium enterprises (SMEs).

Last week, the bank introduced the AUB BizKit Checking Account designed to lower the operating costs of bank clients, thus allowing the client to focus on its core competency.

AUB senior vice president Rojo D. Fernandez admitted that they were the "only bank with that mode of services for the middle market."

"The AUB BizKit Checking Account combines all the essential cash management tools that a business client will need in one checking account, thereby freeing up a business client from maintaining and monitoring several bank accounts just to keep up with its cash handling requirements," Fernandez added.

The AUB executive said it offers different banking services all by one bank, services including payroll organization, time keeping through the automated teller machine (ATM), standard ATM services, check banker-check maker, and the financial helper system.

The payroll functions known as the Payroll Organizer is basically an outsourcing system for payroll processing including timekeeping and attendance disbursement. These functions will be done by the bank for a minimum deposit or funding base of P200,000.

Meanwhile, Check Maker is a system that automates check preparation and disbursement, and CheckBanker is a facility that tracks the client’s post-dated checks and allows the bank to safekeep and deposit them to the client’s account as checks fall due.

Other services are the SSS REmitter, an online payment system for SSS contributions; and the Financial Helper, which allows an integrated summary of accounts payables and accounts receivables enabling client to know, at a glance, his business’ financial status or cash position in agiven period.

The AUB senior vice president said that these are automatically made available to the client upon opening an AUB BizKit Checking Account, whether a business client has immediate need for one or all of these automated cash-handling and management tools.

The cash management system is designed to lower the operating cost of the company, automate a lot of the cash systems, and free a large number of personnel of the company allowing it to concentrate on its core business(es).

For the bank, it increases its client and deposit base. – Ted Torres