Corporate Share Drafts
The Corporate Share Draft Service provides credit unions a convenient way to issue and track checks drawn directly on their Catalyst Corporate settlement accounts. Corporate Share Drafts may be issued from one account or multiple accounts affiliated with a credit union’s settlement activity.
In contrast with other corporate checking solutions that require prefunding of checks issued or a compensating balance account,
Catalyst Corporate pays dividends on funds in the settlement account until the drafts clear. Positive Pay is incorporated for easy reconcilement.
Features & Benefits:
- Credit unions have online access to corporate share draft images with a seven-year archive.
- Account management is conducted online, including requesting adjustments and issuing stop payments.
- Extensive search criteria are available to facilitate research and item identification.
- Reconcilement, via Positive Pay, is online.
- Credit unions have the option to receive a reconciliation file as a download from TranZact or through secure FTP.