HANDLING CASH-ELECTRONIC BANK
THE FINANCIAL SECTOR has been transformed a lot in recent years and with prospects of continuing to advance as required by the digital revolution. The highlight, El Nubank is an appreciable example to learn from the Colombian David Vélez, the banker who does not have the small print in the contracts; he presents the conditions head-on with a one hundred percent human, digital criterion and without a management fee. It says that its users do not buy products but rather its culture and that the value of the company is a consequence of seeking the solution to a large-scale problem because it does not have clients but rather users whom they listen to care because they are depositors of money, as a basis for creating products. that respond to your needs. He seeks to democratize finances by placing the user of his services at the center of importance, proposing the distribution of wealth and services, making banking procedures easier for the popular classes, and giving credits to those who are not owners.
Taking advantage of FINTECH (financial technology), the offer of financial products is expanded with great agility, transparency, security, complemented with personalized attention and additional benefits, expanding the alternatives for managing money.
The clear trend is towards digital banking, using all the technological developments such as voice-enabled payments, use of disintermediation platforms, Artificial Intelligence and Big Data on the rise, the approach to 5G, increasing the speed of data transmission and the Blockchain, technology based on a chain of blocks with a public and distributed database in which the transactions that are carried out on the network are securely recorded.
Inflation, to a greater or lesser degree, is a global phenomenon increased by Covid-19, under almost the entire institutionalization on a worldwide scale of the inflationary phenomenon, the necessity that businessmen learn to coexist with him, such as coffee businessmen learned to produce in the middle of the Roya (coffee leaf rust damage).
The fastest the currency circulates the less risk of losing the buying capacity.
The electronic bank represents an excellent advance, but it is not within the reach of all companies. Subsequently, we will refer to it.
ELECTRONIC BANK (E.B.)
the service of Electronic Bank, is obtained using a special agreement that operates in a company's computer online (in real-time) connected to a central computer of the bank This method shortens the geographic distances and reduces the time, the scarcest of the resources in the enterprise world. It diminishes costs and it replaces traditional offices with virtual ones. It is characterized by its exclusivity; direct access by means for different types of uses; own database and permanent technical assistance.
To use their services the following minimum requirements of hardware, software, and administrative are needed. The Electronic Bank is located in the intersection of three elements that have evolved in joint form and parallel: on one hand, hardware and software, on the other, telecommunications, and finally the financial services; the strongest revolution had taken place in the term of the telecommunications and in some atmospheres, related to the technology which makes this a reality.
In the cyber-society there are no checks, neither savings checkbooks, forms of credit request, or receipts of payment; what it does have is millions of transactions through the network. The success will depend on the capacity of the financial organization to supply its products efficiently and effectively. With simple operations that can be of massive use because the high investments in technology get to be profitable on the basis of a high number of clients and transactions.
The electronic bank allows transactions to be made reliably by the use of three types of passwords (keys): operative, authorization, and card. It offers confidentiality because the data are sent together and compressed avoiding that information can be infiltrated. When compressing, it also diminishes the transmission cost.
With the agility and comfort that offers, it is ideal to make financial transactions from the office or the home; it reduces the inherent risks of using messengers and handling cash; it diminishes the costs of stationery and their elaboration.
In the middle of so many advantages, it offers a very serious problem: the risk of information. If this one is lost by any circumstance it destroys the reliability of the system. Also, the intersection of the line when a transaction is made, with which it is possible to do withdrawals simulating an entity.
It is necessary that all the financial organizations and most of the automatic the certificate of quality ISO 9002 This act of transcendental importance will serve as a base for accelerated development of the Electronic Bank by the confidence that instills the users and by the application in specialized transactions of titles values and general, in every type of businesses that are made in the Stock markets and the electronic commerce.
2. GENERAL SCHEME ACTION / PARTITION
OF THE ELECTRONIC BANK
All the services have a tariff that serves as a base to calculate the volume of operations that justify such important development, in which the most important are:
a. Integral portfolio or scoring: it does the work of factoring.
b. Call Center: communication with no need to identify itself because the mechanism does it directly, and offers consultations, payments, and transfers. The operations by this mean are more economic than in the network agencies. It allows us to offer services in remote places and to make operations 24 hours a day, 7 days a week.
c. Self in Express: it allows making all the operations from the address including cash transport and the enterprise exchange installed terminals in each company.
d. Interbank: connection with the Internet to execute all types of transactions by electronic mail.
e. Electronic commerce: without geographic or national borders facilitating negotiations with any place of the world, shortening the delivery problems
SUITABLE SELECTION OF THE BANK
The use of a method of points is recommended; some similar to the implemented one, granted on shares of credit (josavere). It is helpful to use the concept emitted by an examining company of risks. The complexity of the study depends on the account that we hoped to maintain; the banks, on the other hand, are competing for the money. Maintains the idea that we are clients and the businesses must be good for both parts as it bases of lasting relations. If the number average to deposit considers discharge, we must begin to study the selection of the bank, using public information.
We happened to study aspects not less important like the range of services, insisting that we needed the most in this particular case. For example, if regarding the type of business we must mobilize a lot of money in cash, the transport facilities could be a determining factor. The vicinity is another important factor because it facilitates and it reduces the time of transactions and it diminishes the risk of holdups, robberies, etc., in case the electronic bank cannot be used.
Previously, a popular saying was very common: "there aren't banks, there are bankers"; meaning, that the relations with the banking executive were the most important. With the electronic bank the worldwide tendency, in the frame of globalization, will not be worth to be the friend of the manager for the authorization of an overdraft or to obtain a loan. The agencies in cyberspace, with virtual managers, are the following step in the evolution of the supply of financial services through technology.
In addition to this, it is important to quote that the selected bank must have as much coverage in national and international scope. In other words, at the moment for making international businesses be able to count on a bank of confidence with endorsement and guarantor.
CONCENTRATION OF MONEY IN FEW BANKS PROPERLY DESCRIBED
A good selection of banks, diminished the risk and consequently, the application of the diversification principle is less important. This way it is possible to have few appreciable accounts with the great advantage of being perfectly located by the administration of the bank, facilitating any type of operations.
What we do strongly recommend, for both practical and internal control reasons, is to adopt the policy of opening two payroll accounts, to use one each month, alternately. With the use of the two accounts, on a practical level, the monthly reconciliation of this account is facilitated, which involves a large number of drawn checks, most of which are pending collection (note that, as generally occurs, the payment it is done on the last day of the month) From an internal control point of view, it allows you to detect at a glance if, after a month, there are still some checks pending collection, which, in the particular case of payroll, is an indication of fraudulent handling by the payer or, in any case, of atypical behavior, which must be analyzed.
Aside from the specific cares related to the proper handling, which is only entrusted to people of proven moral solvency, a great dominion of the techniques enumerated here is required. And any other one can be named to avoid the acquisitive power or the reduction of the yield by an excess of liquidity.
Concerning the physical care of the cash, it must be carried far safety measures, because it is the most liquid of the assets or goods of a society and, also, the fraud effect, self-loans, robberies, holdups, would diminish the liquidity situation directly.
Mechanisms for the physical care, the following ones must be mentioned, and like it is logical, others that can be contributed with the security which never will exceed:
A. CUSTODY: the care that is due to implant in the referring thing to the cash, must begin from the own moment in which it is collected, and does not end with the deposit in the bank but with its verification. It must be done by a person who reunites the conditions of honorably and responsibility, in addition to a handling policy, and keeps it in a safety box preferably with two passwords, one handled by the person in charge (treasurer or accountant) and the other by a representative of the reviser.
B. PERIODIC ARCHING: practicing unexpected periodic arching; which must take place at the first hour of the day) allows us to assure if the received cash is kept and consigned in the same form in which they were received. Because it happens that in some cases appear losses or checks are cashing without some authorization, or by some cause, not all the received are deposited (exception of post dew checks), situations that come to the light utilizing the arching of the cash box.C. VERIFICATION OF BALANCES: it is advisable, to periodic confirmation with the banks and corporations of the balances to a determined date, with the purpose of CROSSING, with the auxiliary registries of box and banks.
E. CONFIRMATION OF DESERVING BALANCES: the practices of one good audit demands that at least once a year the balances of the suppliers and creditors of the company are confirmed, with the purpose of not paying more liabilities and not receiving less than what corresponds.
F. TRANSPORT: when the volume of cash that is handled demands the hiring of a transporter of values, it does not have to be doubted in making it so that the risk of the holdup is diminished such as robbery or loss.
G. GUARANTEES AND INSURANCES: it is necessary that all the city employees who in some way or another handle cash present their policies of handling and fulfillment. At the moment, it is essential to take all kinds of precautions; and among them to take the insurance from the case, to diminish the risk.
H. ALLOCATION OF FUNCTIONS: for the specific case of cash it is advisable to avoid that employee making the reception functions, deposits, and payments in a chain. He always must have interruptions that facilitate internal control, (an employee controls another one).
I. APPROVAL OF PAYMENTS: this mechanism being the last one is not less important, on the contrary, the good administration of the cash demands the immediate identification of the responsible civil employee as far as amounts, date, place, etc.
The acceptance of this responsibility must be demonstrated in the document of payment or it's on default in the supports, using code, initial, name, etc.