Virtual Bank service
Solutions in collecting international payments
The Virtual Bank service streamlines receivables management by giving you fast access to funds. Funds are available on your Lloyds TSB UK currency accounts once payments are received through the local clearing in each country. The Virtual Bank service gives you the tangible benefits of overseas banking without the cost and administration involved in actually setting up bank accounts overseas.
Whatever your organisation’s requirements, you can choose from the following solutions to enable you to manage your international collections in the most efficient way:
- International Receivables: for your electronic receipts.
- US Dollar Lockbox: for collecting your US Dollar cheques.
Key features and benefits of International Receivables
Helps you streamline your international collections by giving you near to real-time access to non-sterling international electronic payments, as these clear onto UK currency accounts the same day.*
- Minimise overdraft costs and maximise interest on surplus balances.
- Funds are available the same day for investment purposes, allowing consolidation of international funds deposited throughout the day.*
- Manage your business finances more cost-effectively, with the potential for lower costs per transaction than standard cross-border payments.
- Lower remittance charge for your remitting customers.
- The countries currently served by International Receivables are Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United States of America.
Key features and benefits of US Dollar Lockbox
- Reduce your workload as cheques are processed in the US without first being sent to the UK.
- Lower cost than sending cheques for collection or negotiation.
- Reduce your mail, processing and clearing float by instructing your customers to mail payments to a dedicated processing site in the US.
- Improve your cash flow as funds are available much more quickly.
- Obtain dedicated information about your cheque deposits, so you can manage your cash positions more effectively.
- Simplified reconciliation for you and your customers.
- Images of cheques processed and their corresponding remittance documents can be viewed online the next working day. This makes it easy for you to determine which customers have paid, as well as the amount of funds received.
For further information on Virtual Bank service:
Talk to your relationship manager.