Clearing & Cash Management Solutions

Clearing Cash Management

 

 

CenterState Bank's Clearing/Cash Management Solution was designed to provide a community bank with the ability to aggregate all of its settlement entries into one account. The Clearing/Cash Management Solution is comprised of the following services:

 

Sweep Account

 

Our sweep account allows financial institutions to consolidate remaining daily balances ensuring that every excess dollar is invested at a competitive Fed Funds rate. This service removes the burden of daily settlement decisions by continuously monitoring the account and investment of all available funds. The invested funds are re-credited the following morning to be used to settle daily transactions.

 

Additionally, if a financial institution prefers, CenterState will act as your Excess Balance Account (EBA) agent at the Federal Reserve Bank. Each day excess funds will be automatically swept to a financial institution’s EBA.

 

The sweep account is also designed to sweep funds from a financial institution's Fed Funds Line of Credit with CenterState Bank. These funds are swept in $1,000 dollar increments in order to limit the purchase of unnecessary funds.

 

CenterState Bank's suite of Clearing/Cash Management services are offered at competitive prices with no hidden fees.

 

Federal Funds

 

CenterState Bank offers both Agent and Principal Federal Funds programs. When utilized in conjunction with our Sweep Program, excess funds will be automatically invested into one of these programs.

 

Our Agent program allows community financial institutions to automatically diversify funds between CenterState Bank and approved upstream purchasers in the program. The Principal program is available for banks wishing to sell their funds exclusively to CenterState Bank. In both programs, principal and interest are credited back the following morning to ensure optimum availability.

 

Converge

 

Converge, our innovative online banking platform provides multiple-user access for one low monthly fee. Converge offers a full suite of domestic wire services that include OFAC scanning and email notification to staff and/or customers. Account balances are reflected in a real-time environment and include hourly updates of Federal Reserve Bank entries.

 

Converge also offers the following services:

  • International Services
  • ACH Origination and Return/NOC
  • Coin/Currency
  • Large Dollar Return Item Notification

Request a demo or read more about Converge.

 


 

For more information on our Clearing/Cash Management Solution, please contact your Business Development Officer or Kimberly Tucker.