BANK ACCOUNT ANALYSIS STATEMENTS

Introducing Hawkeye BSB

Hawkeye BSB is an innovative solution to scrutinize every line item on your bank account analysis statements each month, domestically and/or globally, and to ensure that cash management service providers are not committing billing violations.

For treasury departments, reviewing and monitoring these costs in detail for accuracy requires time and expertise that most treasury departments simply do not have

Two major challenges

On average, errors identified in bank invoices represent between 2% to 5% of the invoice, irrespective of the country. That is the level recorded by Redbridge teams who have been assigned to analyze and inspect bank charges throughout the world. While there is a wide range of reasons for errors, the typical scale of mistakes varies significantly according to business sector and the bank’s country of origin (between 2% and 15%).

Standardization

Treasury departments deserve clear and transparent information on the cost of their cash management. That is why Redbridge teams play an active role in initiatives to standardize bank charges (e.g. AFP Codes, Twist Bank Service Billing Standards).

Bank Service Billing & Reporting (BSBR) is a standardized invoicing and reporting service for cash management departments. It takes the form of an electronic file sent by banks to their customers (companies, institutions, governments, etc.).

It sets out the fees for the various services and corresponding charges.  It relates to the volumes and charges associated with all the services invoiced by the bank during the invoicing cycle, generally a month or a quarter.

BSBR is available in several formats:

  • 086 (XML ISO 20022)
  • Twist BSB (XML)
  • Standardized Excel, native PDF, etc.
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