Efficient and dependable core payment products enable your bank to meet the needs of your customers, compete effectively and attract new business.
Transaction Services from IBB include:
- Funds Management
- Cash Letter Clearing
- Coin and Currency
- PL2 Web Access
Settlement services work in conjunction with a Federal Reserve tri-party agreement, image cash letter clearing or excess balance accounts. Your transactions are cleared through the FRB, then all debits and credits are automatically passed to your account at IBB for settlement, eliminating regulatory concerns such as the possibility of daylight overdrafts and penalties with your FRB account.
Balances are maintained and settled in your IBB account, then end-of-day balances above your designated target-balance are swept into a Fed Funds or Excess Balance Account.
- Save time and effort with an automated sweep program, which also eliminates the need to have a clearing balance agreement with the Fed and streamlines the process to invest excess funds.
- Minimize non-earning balances; funds on deposit are either invested overnight or generate earnings credit.
- Take advantage of aggregate volume discounts on cash letter fees through IBB.
- Track, monitor and manage all of your account activity, including transactions, balances and funds availability with PL2 web access.
- Enjoy unsurpassed customer service, expertise and technical support.
IBB funds management services are tailored to increase profitability, save time and maintain proper Reg. F diversification.
Your account is reviewed daily to determine the amount of excess funds above the target-balance, in order to offset service fees. Excess funds are automatically swept into our Fed Funds program or your Excess Balance Account in increments of $1,000.
A Fed Funds line of credit can cover the shortage if your bank has inadequate funds to cover your settlement clearings and/or to meet your target-balance. Either way, your bank's funds are always working at their maximum potential.
PL2 Secured Web Access
Monitor, track and retrieve daily account activity, view FRB activity and statements, access archived statements, order cash and currency and initiate wire transactions through the easily navigated screens of PL2.
Eliminate reliance on hard copies and reduce research time by generating transaction history reports and sorting transactions by trancode.
Other functions available through PL2:
- ACH Services
- Cash/Currency Order/Shipment
- Bond Accounting Reports
- Domestic and International Wire Transfer
- Large Item Return and TT&L Remittance Notifications
- Savings Bond Orders / Bond Coupon Notification
- Same Day Federal Tax Payment
- Foreign Draft Order, Collection and Exchange Rates
- Federal Funds Rate History
- Cash Letter Settlement
At IBB, our goal is to help your community bank perform at the level of a larger institution without adding costly resources to your budget or unnecessary hours to your day.