Bank Account Management Software

For more than 10 years, one of the primary challenges described by treasury teams has been the need for more effective controls around their inventory of bank accounts and employees with entitlements over those bank accounts. The experts at Redbridge Analytics have developed new software to automate the four most important factors in bank account management:

• Perfect system of record: Access fully customizable field and screen layouts that work for your business
• Detailed process workflows: Build automated workflows that help you establish effective controls and ensure all changes to data are appropriate and authorized
• Synchronization with banks: HawkeyeBAM communicates with your banks and closes the communication gap so you don’t have to
• Regulatory and compliance: Solve regulatory headaches with easy access to documentation for audits and tax reporting

There have been many solutions offered over the years that have provided an understanding of your bank account management but few that were developed with the future of bank account management in mind.

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Maintain accurate internal records of bank accounts, authorized employees and other related information.

Every bank account used by a company is a risk vector and source of cost. Every employee with authority over one or more accounts is a risk vector. Many companies, if not most, are unable to provide auditors with an accurate inventory of their bank accounts, and even fewer can provide accurate information around which employees have authority over those accounts.

HawkeyeBAM:

• Maintains accurate records of every bank account at every bank along with all of the metadata of each account
• Ties each account into the detailed legal structure of your company and the funding structure of the cash-management engine
• Keeps a record of every employee who has authority of any type over one or more accounts (mandate holder) and the details of each authority they possess

Ensure impeccable accuracy of records.

Even with a perfect database of bank accounts and all of the related information, it will soon become inaccurate and unusable if you don’t enforce solid business processes to add or make changes to information.

HawkeyeBAM’s built-in customizable Business Process Workflows:

• Ensure that additions or changes to information are done in a controlled fashion following your company’s policies
• Establish business processes that will ensure that all changes made have been authorized and approved before they are executed
• Enforce company rules to ensure that your inventory of accounts is accurate, along with detailed records of who can move money
• BAM AI allows you to design customized automated workflows that monitor your bank account information for policy and compliance violations

Synchronize data with banks and minimize risk.

The gap between corporate records and bank records remains one of the greatest challenges to fraud prevention and control in all of treasury.

HawkeyeBAM communicates changes in accounts and employees with authority over those accounts to your financial institutions, ensuring your banks are notified of changes in a timely manner. By streamlining this information, everyone becomes aware of changes in real time, greatly improving your level of control.

Reduce audit risk and ensure compliance.

HawkeyeBAM:

• Supports the FBAR process
• Provides reporting for internal and external audits
• Assists with the challenges of bank KYC requirements

Powerful alone – but even better when used together.

HawkeyeBSB is a software solution that monitors, manages and reduces bank fees around the world. HawkeyeBAM is fully integrated with HawkeyeBSB, so you can seamlessly access a complete inventory of all bank accounts and balances in one place.

Learn more about HawkeyeBSB