Engie

Engie Gains Full Visibility into Bank Fees Across Three Countries With HawkeyeBSB

Engagement Overview

Control bank fees and automate analyses with our bank fee monitoring software, HawkeyeBSB.

Objectives

• Control the number of cash management services billed by each bank
• Define the amount of bank fees deducted from each account
• Ensure the conditions, rates, and classification were correctly applied to cash management services
• Produce audit track for VAT reporting

Results

• Detailed view of fees paid to each bank in France, Luxembourg, and Belgium (initial scope retained by Engie)
• Significant increase in cash visibility on new accounts, new fee categories, variance analysis of negotiated conditions vs. actual, etc.
• Cash refund of overpaid charges based on disputed discrepancies

Methodology

• Built secure and automated file delivery channel by leveraging the existing bank connectivity
• HawkeyeBSB automatically reconciled bank codes and pricing schedule regardless of bank accounts, banks, or countries involved
• When reporting, HawkeyeBSB automatically and consistently pointed out the differences between expected costs and invoiced costs, facilitating the recovery of undue charges

Value Added by Redbridge

• Provided a combination of industry standard and proprietary classification of bank services, resulting in greater harmonization and comparability
• Provided the ability to compare costs between Engie’s banks across various countries, subsidiaries, products, etc.
• In-depth knowledge of bank pricing structures and a constructive approach that enabled Engie to collaborate more effectively with its banks during implementation