Local Funds Transfer

Funds Transfer is a highly interactive banking function which affects the full range of services that Zenith Bank provides. The bank provides a general purpose funds transfer service for the movement of fund between customers, between accounts of the same customer or from a customer to a third party who may not necessarily be an account holder. 

Funds Transfer unit handles the following products:

• Clearing (outwards/inwards)

• Transfer

• Issuance of MCs/other bank’s draft/DIS

• Clearing

• The clearing system is a very important aspect of banking institution and provides avenue for settlement/payment of financial instrument amongst banks. Zenith Bank Clearing Unit is fully automated with modern equipment like the Walther MDT Reader Sorting Machine that has the capacity to capture images, read and sort between 10,000 to 15,000 clearing instruments daily.    The reader sorter is used for outward and inward clearing which involves sorting cheques into Banks/categories and Zenith branches respectively. Our fully automated clearing unit has been of tremendous benefit to the bank, having reduced greatly our processing time and eased information/data storage and retrieval. We are thus ranked top among the other banks in the Nigeria Central Clearing House. This in part, informed CBN’s nomination of the bank for the implementation of the automated clearing pilot programme.  The facilities for CBN automated clearing program are all in place and ready for the implementation of the pilot programme.

This product has very broad features and is specially designed to meet the individual need of all our customers. It involves movement of funds from one account to another of the same or different customers in the bank.  

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• On-line transfer of funds are effected for customers who might urgently wish to transfer money to their clients in another town where we have a branch.

• Automated standing order instructions are effected for customers who have regular payments to make, such as club subscriptions, mortgage installments, monthly payments to aged parents/dependants upon request.

• Payroll disbursements are made for staff of high net-worth corporate customers who desire prompt payment of their staff salary upon request.

   

• Our banking software is designed to sweep on daily basis transaction/account balances from transit/remittance accounts to designated accounts. This facilitates cash/funds management decisions for our corporate customers.