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.
Does everyone in the organization need to care about banking with providers who use AFP Service Codes? The simple answer, they should!
The winds of change are blowing and improving global bank billing.
For more than 30 years, AFP Services Codes© have been recognized as the industry standard for identifying service charges that appear on account analysis statements and in responding to RFPs.
Did you know it could save you significant programming costs to use a dummy signature?
Speaking AFP service codes is like a foreign language, a language which updates every 5 years. How would you know what is or is not a bank billing violation?
With increasing global regulations on KYC, corporate treasurers are seeking some standardization and simplification in a process that also causes a great deal of administrative red-tape at banks in their efforts to comply with ever expanding regulatory requirements.
Redbridge’s Dan Gill and Greg Moore of AutoNation discuss how treasury professionals can become ‘treasury superheros’ by using software tools to help analyze and manage their bank service utilization and related bank fees across the globe.
BSB Newsletter – A newsletter all about bank billing to corporations and other wholesale bank services users: standards, adoption of standards, billing practices and optimizing the billing experience.
Without waiting for the final terms of the new prudential treatment of notional cash pooling, several sponsor bank institutions have decided to position for clear withdrawal of their pooling services, says Solenn Le Lay, associate director at Redbridge.
Bank account management has proven to be anything but simple primarily because many treasurers try to handle it in a piecemeal, tactical way instead of a holistic, strategic way.
In cash pooling, companies have a choice between using their bank partner or relying on the functionalities of their treasury management system (TMS) to manually (or semi-manually) manage their deposits. Redbridge reviews the advantages and disadvantages of each solution.
The relationships that corporate treasury maintains with banks to manage cash operations are some of the most complicated and often confusing in the entire business. Because of the general misunderstanding of the cash management services bought from banks and the lack of available time in most treasury organizations, many companies perform only a cursory review of the information banks provide on service usage and costs each month. In some parts of the world, banks are not yet even providing the details of the number of transactions completed or their cost which leaves geographical blind spots in many organizations. There are literally millions in errors taking place each month that go unnoticed and we simply have to do a better job. By most estimates these errors range from 5% to 10% of our total bank fee spend and that represents real money in most companies. So, what is there we can do?
Bridget Meyer, senior director of Redbridge Analytics, presents in the Demo Pit at EuroFinance’s International Treasury Management conference 2017.
Regulatory changes over the past ten years in checking, transfers, withdrawals and payments by card, together with the arrival of new, nonbank players, have significantly disrupted the classic banking business model for cash management services.
