The GTreasury Workstation is used by the Treasury team for our daily cash concentration process, administer our debt portfolio, ST money market transactions, FHLB Borrowing, bank account administration central repository, bank account analysis, payment hub, origination of funds transfers, wires US & international, ACH origination, State ACH Tax Payments with addendum, and settlement of inter company payables and receivables for the organization. The 822 Account Analysis feed is utilized to monitor bank service fees actual to contracted prices, and various statistical reports regarding bank balance exposure, risk assessment, and monitoring any overdrawn accounts.
We use the GTreasury Workstation to receive previous and same day BAI information (including Money Market Fund Balances and custodial/trust account information, wire reference numbers, ACH return files, ACH Prenotes, ACH NOCs, This data is used by Treasury and the extended corporation. Extended corporation includes accounting, business areas, accounts payable, billing & collection, Investment Advisors, and our Puerto Rico office. Extended users are reviewing for incoming transaction activity, and some originate electronic fund transfers.
This system allows for self service on payment inquires for the product areas looking to see if funds have been received from our various customers for specific products, or confirm ACH and wire transactions have been released and for wires the Federal Reserve Reference Number and date/time it was sent.
Billing & Collection, Customer Service Teams utilize GTreasury to research ACH payments both collection and disbursement. They also utilize the GTreasury for monitoring ACH Returns, and NOC's which are associated to the original transaction.
The Controller Team utilizes the system to receive BAI information for bank account reconciliation, and researching differences between the bank statement and the ledger.
We also utilize the GTreasury accounting feature to send daily accounting entries for various payment transactions originated and also transaction assignment that automatically generates accounting for automated bank sweeps and incoming debit or credit transactions automatically.
This system has allowed us to optimize our daily cash and investment levels to optimize the return on short term cash, and provide cash forecasts for the Investment Advisors tracking incoming cash from operations, principal & interest, pending trades to know the available cash for investing.
The system has also assisted in better management of the Bank Account Analysis to identify costs, and services and contract price variances. This and the ACH reversal functionality has allowed us to identify and reduce various bank service costs, saving the organization bank service charges each year.
This system also solved the issue of tracking the USA and International bank accounts, and signers, simplifying when signers change, and completion of the FBar reporting requirements, reducing the time spent on this task by over 70%.
- Customer focused on treasury services with agile system releases and training.
- User friendly system, easy to create reports, worksheets or download data.
- Responsive customer service.
- They are updating their Debt module in October, which is a good thing - listening to customer requests.
- They are expanding the short-term trading platform with ICD to fill the gap on money market transaction processing.
- The adhoc reporting can always be improved.