There are two sides to the account analysis dilemma; establishing the baseline and regular auditing. To adequately solve for the bank fee problem you must do both.
Analyzing international bank fee statements requires in-depth knowledge of international banking structures, accessibility and visibility into local bank fees, and copious amounts of time and resources. Many treasurers do not make it past the first step of obtaining their international bank fee statements in useable formats to then progress to understanding their fees across multiple countries.
Now that you have determined which stage in the relationship you are in with your bank, it is time to evaluate the strength of the relationship. Banking relationships are based on performance, risk, and profitability KPIs. These relationships come down to two main objectives: fairness and accountability. For something to be truly fair, there should be transparency on all sides. Transparency and accountability are the foundation of a long-standing relationship.
Analytics is helping banks and corporations gain a competitive advantage by delivering actionable insights as well as an effective solution for addressing issues like safety and compliance. The corporate world can use the same technologies and strategies to address the challenge of bank account management (BAM).
Is the relationship you have with your bank really that different from your personal relationships?
The SWIFT network is set to extend its KYC solution, which is currently used by 5,000 banks for correspondent banking activities, to companies. It aims to offer the 2,000 companies connected to the network a structured information exchange solution – one that is already used by partner banks for customer verification processes – by the end of 2019. Interview with Marc Delbaere, SWIFT’s Head of Corporates & Trade.
