"The software was easy to implement and designed with the end user in mind. These features made the process easy and the results were exactly what we needed to monitor our internal cash management."
Engagement Overview
- HawkeyeBSB – Internal Cost Allocation
Background
- Uber operates in 70+ countries with over $10bn in sales in the last 4 quarters
- Incurs over $50m in fees to banks to manage its payments and collection operations, excluding credit cards
Objectives
- Collect and measure the total costs of Uber’s cash management operations globally
- Allocate costs to decision makers via management reporting
- Identify primary drivers for cost and inconsistencies across regions and banks
- Discuss findings with the bank
- Monitor and ensure improvements are realized
Results
- Visibility into cash management fees in 63 countries
- Easy monthly process to complete internal cost allocation reports for management
- Having the ability to answer questions such as ‘What are the top 10 services we are paying for at each bank?’ helped focus negotiations with banks and reduce global cost
Methodology
- Automatic integration of bank files received via Swiftnet FileAct into the Hawkeye BSB tool
- The solution reconciles the bank codes and the tariff grids whatever the bank account, the bank or the country concerned
- Reporting: HawkeyeBSB automatically and homogeneously points out the differences between expected and invoiced charges, allowing to improve the recovery of undue charges
Value Added by Redbridge
- Help in gathering and correcting bank files received from the banks
- Expertise in mapping the services to the industry standard
- Custom service line tagging assisted with the easy identification of partner payments