Management of government bank accounts and Payment execution

Streamline payments and cut borrowing and transaction costs down.

Importance of Management of government bank accounts and Payment execution

Efficient budget implementation expects to ensure that all claims are paid according to the terms stipulated in contracts (resulting from procurement of goods and services or employment contracts) and that revenues are collected on time. Moreover, it is necessary to minimize transaction costs; and to borrow at the lowest interest rate or to generate additional cash by investing in revenue-yielding instruments. It is also necessary to avoid paying in advance and to track accurately the dates on which payments are due.

Centralization of cash balances into a Treasury Single Account (TSA) helps to minimize borrowing costs and maximize interest-bearing deposits. Thus operating cash balances should be kept to a minimum while reaching necessary liquidity to executing all payments when due.

Current challenges

 

  •  Management of government bank accounts
    • TSA – centralization of government's bank accounts into the system of Treasury Single Accounts - all payments are sent to these accounts and all payments are paid from these accounts
    • Requirement of different types of bank accounts for line ministries and their subordinate organizations held in the Central Bank or Treasury (as autonomous institution providing public bank services)
    • Actual information about all bank accounts, their owners, and all relevant transactions
  • Payment execution
    • Payment order reception and validation
    • Communication of payment instructions with payment systems in oder to send money on time
    • Processing information about received payments
    • Payment reconciliation with bank
    • Possibility to prioritize, freeze, or cancel payment orders by the central Treasury office

 

Solutions for this process

QBSW offers the following back-office application for Management of government bank accounts and Payment execution intended to the central Treasury office (Back-office application)

 
TREASURY MANAGEMENT

 

Looking for more information?
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- Contact our team - at +421 2 581 003 11 or at info@state-treasury.com

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