A few times I have noticed that my bank statement lists CMS transactions. CMS transaction in bank statement stands for Cash Management Services, and it is a type of transaction that is typically used by businesses to manage their cash flow.
CMS transaction meaning
CMS transactions can be made through a variety of channels, including online banking, mobile banking, and ATMs. However, businesses typically use a specialized CMS platform to manage their CMS transactions.
If you see a CMS transaction on your bank statement, it is likely that you are a customer of a business that uses CMS services. However, if you are unsure about a CMS transaction, you should contact your bank to inquire about it.
CMS in bank statement types
There are a number of different types of CMS transactions, but some of the most common include:
Collections: This type of CMS transaction is used to collect funds from customers. For example, a business might use a CMS transaction to collect payments for goods or services that they have sold.
Disbursements: This type of CMS transaction is used to pay out funds to suppliers, employees, or other parties. For example, a business might use a CMS transaction to pay their employees' salaries or to pay their suppliers for goods and services that they have purchased.
Investments: This type of CMS transaction is used to invest funds on behalf of a business. For example, a business might use a CMS transaction to invest in stocks, bonds, or other financial instruments.
This is CMS transaction meaning.
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The CMS full form in banking is Cash Management Services. But what is CMS in banking? I will explain the definition below.
CMS is a value-added product for Corporate Customers of the Bank who get money from multiple locations. Funds are received at different locations by different modes such as cash/cheques/other instruments. A customised and enriched MIS is offered to the customers through e-mail or via the online portal. Day arrangement-based pooling is offered to the corporates. This product is appropriate for big corporations with vast dealership/ branch networks spread across the country from where they get collections every day. This is the CMS meaning in banking.
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Low-Interest Costs and Improved Liquidity-Due to dedicated hubs, the funds are received in a specific account without transit time which in turn reduces the interest costs and improves the liquidity position.
Mobile Alert Service-To receive alerts you can subscribe to the mobile alert services to SMS on your registered mobile number after the funds are pooled immediately. To avail of the service, you need to visit the nearest bank branch or log on to the Web CMS. Download the form and submit it to the designated bank branch.
I hope I was able to clear the doubt about CMS full form in banking.
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What is CMS in banking?
Binita
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2022-10-20T10:32:22+00:00 2022-10-20T10:32:24+00:00Comment
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