In banking, the VP of Digital (or a similar job title) is becoming a more common role as banks and credit unions focus more on their digital strategy. VP of Digital is a relatively new role in the banking world, though an important one as the digital banking channel is a direct extension of the physical branch.
In banking, exceptions occur when circumstances fail to meet predetermined requirements.
A wholesale lockbox is tailored for businesses with high volumes of B2B (business-to-business) transactions, particularly those involving payments from other companies.
A wire transfer refers to the electronic transfer of funds from one financial institution to another, and is a method of sending money quickly and securely where the sender provides instructions to their bank or financial institution to transfer a specific amount to another account.
An X9 file contains check images and related metadata, including the code line and courtesy amount. Also referred to as “Image Cash Letters,” X9 files are used by financial institutions during Day 1 processing to initiate settlement with exchanging authorities and direct exchange parties. X9 files also support financial institutions’ Day 2 processing workflows.