Cash Management Services

LVB’s Cash Management Services offers numerous reliable solutions which will be a cost effective tool for the collection and payment services. The major CMS products offered by LVB are:

  • E-Collection using Virtual Account
  • E- Collection using Virtual Account is a dedicated online payment service offered to large corporates / institution having fixed set of customers/dealers/vendors/etc., The Virtual Account Number is an unique code allocated by the corporates to their customers/dealers/Vendors/etc.,. Using the unique code, the payment will be identified and accounted against the customers/dealers/Vendors/etc.,.
 

Features of Virtual account:

  • Easy identification of customers/dealers/Vendors/etc.,
  • Ease of reconciliation of Account Receivables
  • Enhanced Fund Management
  • Customers/dealers/Vendors/etc., wise MIS reconciliation
 

NACH - NACH (Debit) Sponsor Bank Service :

  • NACH System can be used for bulk transactions towards collection of payments pertaining to telephone, electricity, water, utilities in general, loans, investments in mutual funds, insurance premium etc.
 

Features of NACH:

  • Streamlines payment collection for NBFCs and/or Corporate from their customers.
  • Effectual Collections for any periodic payments
  • Eliminates paper-based instruments like cheques/DDs
  • Accurate MIS for each corporate along with corporate reference code leading to quick reconciliation
 

Door Step Banking Service :

  • LVB offers Doorstep Banking Services to its Current Account Customers for pick-up of cash or cheques from their premises/offices for all KYC compliant customers. This facility comes with simple documentation that need to be executed with the Bank for availing the facility which would be offered through Banks service providers.
 

The service offered through door step banking services are :

 

Cash services:

  • Cash deposition (Cash pick-up)
  • Cash delivery against withdrawal from account.
 

Non-Cash services:

  • Pick up of instruments against receipt (Clearing cheques/ Demand Draft/ Pay Order/ Fund Transfer cheques) Delivery of Demand Draft/ Pay Order