PITTSBURGH - Mellon Bank Corp. ranked as the top service provider in an annual survey of cash managers from the nation's largest 1,000 corporate banking clients.
The survey, conducted by Corporate Finance Magazine, a New York-based quarterly magazine, asked corporations to rate their providers' prowess in various cash management services on a scale of 1 to 3. Banks had to be mentioned in at least two categories by the respondents.
Wachovia Corp. was named best at cash disbursement, while Firstar Corp. prevailed in cash concentration, closely followed by Mellon.
Banc One Corp. got the nod for top lockbox provider, while PaineWebber Inc. was rated best in short-term cash management.
Michael L. Starr, a senior vice president with Wachovia, said future success in such services will rely on how well banks are able to improve their levels of integration among cash management services, "whether it be on the disbursement or the collection side, and whether it be domestic or international."
"Customers are using fewer and fewer cash management banks," Mr. Starr added.
"What we need to do is have a more integrated product line to meet the needs of our customers."