"Thank you to Redbridge for running a very effective and efficient RFP process and for all of their knowledge that helped drive these results"

Linda Rosenthal
Senior Director, Treasury & Credit

Mandate Type

  • BRM Insight, All Cash Management North America
  • Audit, Optimize & Monitor bank fees, rates and services

Objectives

  • Streamline banking services across North America, ideally into a single bank post merger with GTECH.
  • Determine relevancy of bank services, benchmark terms & prices, and provide strategy to optimize future processes.
  • Identify best practices and synergies within the new combined organization.

Methodology

  • Extensive interview and discovery process of legacy bank relationships and cash management processes by each treasury team
  • Translation of current and future needs into a Request for Proposal facilitated by Redbridge to ensure information transparency and clarity for both client & bank needs during the RFP process.
  • Simulation of possible bank combinations considering qualitative and quantitative data to achieve an educated decision and stated goals.

Achievements

  • Greater than 50% net reduction in banking fees (after ECR)
  • Reduced bank relationships from 3 to 2 credit providers with better share of wallet
  • Service level and utilization improved. Paper processes eliminated.

Redbridge’s Value Added

  • Significant savings of over 50% through optimizing ECR, service usage, and reduced pricing.
  • Bank network consolidated and best practices identified, post merger.
  • Harmonized bank fee structure, greater transparency.
  • Risks mitigated and share-of-wallet allocation improved.
  • Rapid assessment and implementation within 6 months.