Criteo Gains Control Over Global Bank Fees with Redbridge
Industry
Advertising
Region
Global
Service
Cash Management
Engagement Overview
- HawkeyeBSB – Analysis & monitoring of cash management fees
- Global scope (17 countries)
- 5 banking groups
Objectives
- Verifying the implementation of cash management conditions following a structured negotiation of these fees
- Monitoring the volume of services invoiced by each bank
- Recovering bank charges that were in error
Results
- Provided comprehensive knowledge of cash management prices and services
- Highlighted new banking services with standard pricing to be monitored and negotiated if necessary
- Obtained an accurate view of the fees paid to each bank
Methodology
- Implementation (from kick-off to Go Live) completed in 6 months (despite the pandemic)
- Automatic integration of bank files received via Swiftnet FileAct into the HawkeyeBSB tool
- Construction of pricing grids (21 combinations) based on the negotiated banking condition catalogues and the standard conditions of the new services
- Reporting: HawkeyeBSB automatically and consistently identifies discrepancies between expected and invoiced charges, allowing for improved recovery of undue charges
Value Added by Redbridge
- Cash management expertise to help Criteo understand, manage and track pricing structures
- Ability to conduct cross-comparisons by bank, country, subsidiary, product etc.
- Shared methodology and regular follow ups for implementing internal processes to automate and track bank charges
“Opting for HawkeyeBSB after a comprehensive bank fee negotiation conducted by Redbridge was a good decision. Through this project, we were able to closely monitor the negotiated pricing lists and challenge our banks on various fees. We noticed a positive return on investment within the first year. “
Charles Lutran
Charles Lutran