In our bank account management (BAM) blog series, we strive to look at the problems of bank account management from a modern perspective. Our first installment focused on proper bank account management practices in the risk-focused world.
In today’s payments world, one topic continues to be top of mind for both bankers and practitioners: speed.
Power Up Your Next Bank Relationship and Fee Review. As a treasury professional, having visibility into costs is a starting point for negotiation and cost-saving opportunities with your banks.
We have discussed the stages of your banking relationships and tips for a successful RFP but what does an effective RFP process look like? There are steps in the process every company should progress through for a successful RFP process. Below we detail those steps along with a few insider tips from Redbridge experts who have worked through countless RFPs with our clients.
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.
Many treasury software vendors strive to offer reliable and efficient modules to anticipate cash inflows and outflows. In addition to Treasury Management System tools, stand-alone solutions for managing and optimizing WCR are being developed. These niche solutions are designed to improve the management of the purchasing cycle (P2P) or sales cycle (O2C). Overview.
With the gradual rise in the fed funds rate over the last two years, higher earnings allowance rates are creeping in ever so slowly. Whether working for a bank, credit union, small business, or a large corporation, higher Earnings Credit Rates (ECR) affect everyone using account analysis. Have you ever wondered what effect the rate hikes have on account analysis and / or bank fee analysis?
Without effective two-way communication, your banking relationships can quickly deteriorate. Read more to understand how to strengthen your company’s banking relationships in 2019.
Is your business grappling with excessive banking fees? Are they accurate or erroneous? An analysis of your bank billing statements can help you solve this dilemma. It is not uncommon for a banking institution to make errors that affect their customers. In January 2018, Wells Fargo double charged an unknown amount of consumers due to an internal processing error. Below we break down five of the common billing errors we see when helping our customers.
