Why are credit union’s e-banking solutions essential to effective deposit management?
Online e-banking solutions built specifically for business members hold the key to secure and efficient deposit management. Unlike online retail systems where businesses have a single password to share among employees, business e-banking systems have unique passwords for each user. This allows companies to place controls on where each employee can access data and what actions each individual can perform. If certain actions require approval, such as a wire transfer, an employee can initiate a wire transfer that resides on the server until the authorized person reviews and approves it. Companies can run reports that show the actions performed by each individual user for audit purposes. Business e-banking solutions give companies the power to manage their own funds. Employees can make internal transfers between accounts, initiate wire transfers and schedule ACH payments. Additionally, e-banking allows individuals to run special reports, such as account reconciliation reports where employe
