"Redbridge ensured very collaborative discussions with our banking partners, which resulted in significant savings on our bank fee expense. The Redbridge team shared a great level of detail about our current bank services and helped us understand cost-efficient alternatives. The knowledge gained by our treasury team will continue to benefit the company for several years."
Mandate Type & Geography
- BRM Insight, Cash Management North America
- Audit the current cash management organization, services in place, and bank charges
- Strengthen and maintain the existing bank relationships
- Negotiate an optimized fee structure without undergoing a structured RFP process
- Greater than 50% fee reduction
- Standardized pricing across legal entities
- Implementation of ECR in Canada and increased yield in US
- Reporting synchronized from multiple file-types to a single file-type into the TMS
- $10,000 in bank billing errors recovered
- Extensive interview and discovery process of legacy bank relationships and cash management processes for each division and treasury team.
- Communication of audit findings into a formal report provided to the bank for discussion and action.
- New conditions and service changes monitored for 12 months to confirm accuracy of newly agreed pricing and yield conditions.
Redbridge’s Value Added
- Substantial savings through the combination of service changes, ECR and reduced pricing
- Information reporting differences between divisions prompted internal efforts to leverage existing tools and reduce cost of daily reporting to TMS
- Volume inquiries led to resolution of reporting issues for Canadian, Singapore, and India bank accounts
- Account and billing structure rationalization led to closure of dormant accounts, improved cash pooling, and simplified billing