Strong partnerships in banking and business are vital. As the business landscape continues to digitize, offering tailored and innovative solutions aligned with specific business goals is crucial. Equally important is maintaining a keen focus on preventing fraud and mitigating risk. As a business owner, you want to work with a bank that acts as a strong relational partner and can also provide technical, state-of-the-art products and services to drive efficiency and deeper customer integration while keeping your working capital safe. Thankfully, such a partner exists in Bank of the Pacific.
Bank of the Pacific: Evolving to Meet Client Needs
“As we grow into new, larger markets, we see an opportunity to expand our banking relationships,” says Dennis Loo, director of commercial deposits for Bank of the Pacific. Adopting a more personalized, relational approach to banking means that each client will receive custom solutions to an array of banking needs.
Commercial Cash Vault Services is one of the expanded services offered. Bank of the Pacific recognizes that many of its current and potential clients’ customers still pay with cash, and would benefit from a secure way of depositing cash and/or cash delivery services.
“The deposit needs of my commercial clients vary,” says Chad Marting, vice president and commercial deposit relationship manager. “Some businesses are sitting on cash and looking for return on their money, while others have a high volume of transactions, payables and receivables, and are looking to maximize their cash flows.”
Bank of the Pacific Offers Enhanced Banking Protections for Clients
“Another extremely important part of our job is to mitigate risk,” says Marting. “Fraud is rampant, unfortunately, and if you are running a business, it is not if, but when there will be a fraud attempt against you or your company. We are constantly educating our clients on the tools and best practices to implement to prevent this from happening.”
Bank of the Pacific actively collaborates with its clients to provide up-to-date information and services to protect their accounts from being compromised. Commercial Online Banking provides protection with user access restrictions, security alerts, IP address restrictions, and geolocation restrictions.
Clients can easily access accounts, transaction history, check images, wire activity, and pending transaction activity from the mobile app, a tablet or desktop.
“While fraud has become increasingly prevalent, financial losses from social engineering or business email compromise are still on the rise,” explains Kristin Bauer, vice president and senior treasury management consultant at Bank of the Pacific. “Email communications are vulnerable to hacking attempts and spoofed emails where recipients are often easily convinced to change an account and routing number for an upcoming payment.”
When working with new or existing clients, Bank of the Pacific makes it a priority to educate clients to ensure security and fraud remain top of mind. “Deep fakes are a reality,” says Bauer. “We encourage full use of bank fraud controls, but we also encourage reviewing bank transactions daily via online banking. If something looks off in your bank account activity, do not delay in telling your banker!”
In addition to the standard services protecting client accounts, Bank of the Pacific offers products like Check and ACH Positive Pay, dual control, and soft secure token options to help business and commercial clients manage when and how much they or their employees are able to send. This is important because managing the recipients of funds is a critical part of fraud prevention. Saving the past beneficiary account numbers securely within Bank of the Pacific’s online system means that neither the sender nor the receiver’s funds are misdirected or intercepted.
“Dual controls are exceptionally important when moving money,” says Bauer. “Not only does it protect against internal fraud, but it provides that final look from a second set of eyes to ensure the payment instructions are correct. With our mobile banking app available to approve outgoing ACH and wire transfers, we make it easy to use this kind of dual approval to release funds and enforce an added layer of security while on the go.”
Community Banking with Expert Help
Bank of the Pacific is committed to direct, clear and open communication with clients. Building long-term relationships is the key to their success. “My clients have my cell phone number, and I pick up the phone,” says Marting. “Business is dynamic, it moves fast, and it is important to have the communication channels open on both sides to adapt to any changes and to educate our customers and implement products and features when needed.”
For more information, visit the Bank of the Pacific website. Member FDIC.
Sponsored
