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.
At the level of a single country, and particularly at an international level, cash management services and billing processes differ significantly between banks.
For treasury departments, reviewing and monitoring these costs in detail for accuracy requires time and expertise that most treasury departments simply do not have.
When this monitoring is carried out, it is often done manually, increasing the risk of errors.
Hawkeye BSB is the tool that has been developed by Redbridge DTA to solve for this. CFOs, treasurers, and cash managers can now utilize HawkeyeBSB to automate the process of collecting bank fee information, monitoring these fees, and ensuring no billing violations are occurring across each bank, region, and corporate entity.
- Price Increases
- Price Inconsistencies
- New Services Added
- Calculation Errors
- Missing Data Points
- Changes in ECR/Interest Rate
- Inconsistent ECR/Interest Rates
Using Hawkeye BSB facilitates:
- A more efficient process in monitoring fees at all levels
- The identification of every billing violation and speeding up the recovery of fees/amounts debited incorrectly
- The ability to review and sort historical data, understanding the impact of service and fee changes across each bank, country, currency, and corporate entity
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%).
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.
Automatic integration of bank reporting files – Hawkeye BSB
To efficiently manage the review and the monitoring of bank fees and services domestically & globally, Redbridge has developed Hawkeye BSB, a solution that enables corporations to:
- Precisely measure consolidated bank charges linked to cash management transactions (costs of payment methods, account-keeping, centralization, communications, reporting, etc.) for all banking partners worldwide
- Precisely monitor changes in prices and volumes of each transaction processed (by country/legal entity/bank, etc.)
- Verify the correct application of the conditions negotiated and, more broadly, verify the amount paid by companies with respect to cash management
- Compare the cost of banking services worldwide
- Identify any potential anomalies
- Suggest template letters for excess charges and other bank statement errors
- Physically archive all invoices