"Redbridge ensured very collaborative discussions with our banking partners, which resulted in significant savings on our bank fee expense. The Redbridge team shared a great level of detail about our current bank services and helped us understand cost-efficient alternatives. The knowledge gained by our treasury team will continue to benefit the company for several years."

Tarkett North America
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Mandate Type & Geography

  • BRM Insight, Cash Management North America

Objectives

  • Audit the current cash management organization, services in place, and bank charges
  • Strengthen and maintain the existing bank relationships
  • Negotiate an optimized fee structure without undergoing a structured RFP process

Achievements

  • Greater than 50% fee reduction
  • Standardized pricing across legal entities
  • Implementation of ECR in Canada and increased yield in US
  • Reporting synchronized from multiple file-types to a single file-type into the TMS
  • $10,000 in bank billing errors recovered

Methodology

  • Extensive interview and discovery process of legacy bank relationships and cash management processes for each division and treasury team.
  • Communication of audit findings into a formal report provided to the bank for discussion and action.
  • New conditions and service changes monitored for 12 months to confirm accuracy of newly agreed pricing and yield conditions.

Redbridge’s Value Added

  • Substantial savings through the combination of service changes, ECR and reduced pricing
  • Information reporting differences between divisions prompted internal efforts to leverage existing tools and reduce cost of daily reporting to TMS
  • Volume inquiries led to resolution of reporting issues for Canadian, Singapore, and India bank accounts
  • Account and billing structure rationalization led to closure of dormant accounts, improved cash pooling, and simplified billing
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