Key Total Treasury Deposit Concentration service collects deposit receipts made by multiple locations and concentrates funds into one centralized account. Authorized Key Total Treasury users can monitor the activity of operating units and maintain control over funds from one easily accessible account. Individual locations make deposits into their bank accounts and report the deposits to KeyBank (Key) via either touch-tone phone or Key Total Treasury. Verification codes and trace numbers are provided for reference. Each night, Key collects all data that has been entered and moves the funds via ACH. The total deposits are credited to the concentration account at Key and any disbursement entries from the concentration account are credited to the specified depository accounts.
The Key Total Treasury Deposit Concentration system also allows clients to specify and define additional data fields that they would like their locations to input, such as sales date, number of units sold, etc. Key Total Treasury input screens and reports are then customized with these fields per your specifications. This additional required data can also be added to the VRU prompts.
Key's system provides daily information that contains a listing of all reporting units with dates of deposits and amounts, as well as information on non-reporting units.