Chase Manhattan Corp. has released a second version of its international check disbursement software for multinational organizations.
The product, called Chase Gold, is a global on-line disbursement system that bank officials said can simplify international corporate payments.
Chase Gold, initially rolled out last year by the bank's global payment and treasury services unit, allows corporations that operate in multiple countries to "move their money around the globe securely, profitably, efficiently, and with minimum risk," said Deborah Talbot, executive vice president.
The latest version of Chase Gold allows customers to initiate checks from any of their accounts, send electronic files to a central PC, and have the checks printed out to any location in the world. The company can then monitor its disbursements for the funding of accounts.
Leslie Grossman, Chase Gold's product manager, said this helps the main office "control and manage what's going on in the different sites globally."
The system, launched last year, has several other enhancements that bank officials said can provide customers' main office sites with greater control of collection and disbursement among regional offices.
The system also has a file import/export capability that automates the reconciliation and issuing of checks, and a pre-advice application, which is an antifraud measure that can be used with Chase's imaging system.
"Its an end-to-end service," said Mary McKennie, product executive with the bank. "It provides not only a way to integrate with a customer's systems, but also has the ability to generate checks right on site."
Though bank officials declined to disclose pricing, they noted that customers can purchase selected portions of the service.
Chase has seven customers using the product, including banks, broker- dealers, and multinational corporations, bank officials said.
Larry Forman, a cash management specialist with Ernst & Young LLP, New York, said a handful of large U.S. and European banks are "competing to provide remote disbursement products, specifically in Europe."