Keeping an eye on banks – managing and monitoring bank charges.

„The most important information about bank meetings and discussions is available in an appropriate format within just a few minutes.“

Stephan Ziegler
Head of Bank Relations, Siemens Treasury GmbH

About Siemens AG

Siemens AG is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years. The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalisation. In fiscal 2015, Siemens generated revenue of €75.6 billion and net income of €7.4 billion. At the end of September 2015, the company had around 348,000 employees worldwide.

Status quo and objectives

Siemens maintains a wide range of bank relations around the world. The centralised management and analysis of these bank relations is therefore important and also needs to be easily possible for both head office departments as well as subsidiaries.

TIP-Implementation

The content-based requirements in terms of the processes for managing Siemens’ bank relations were defined and documented in the course of a requirements analysis workshop serving as the basis for the subsequent implementation of TIP. This involved importing and analysing the statements of several bank groups from various countries and then comparing these with the fees and charges agreed. It is possible to import these statements in EDI822, TWIST BSB, CAMT086 and Excel formats. Insightful reports for the analysis and evaluation of bank charges were prepared in order to simplify the monthly checks of bank statements. Besides the bank charges, the documentation of bank meetings and the mapping of the bank account landscape and credit lines were also implemented. The high degree of automation due to the capturing of data from upstream systems as well as high levels of usability are the keys to user acceptance of the system.

Siemens has been successfully monitoring its bank charges with TIP since 2014, with updates and modifications being performed on a regular basis.

Outputs

  • Increasing the level of automation in monitoring bank charges.
  • Avoiding excessive or incorrect bank charges.
  • Identifying internal process-related problems related to payments as well as dormant accounts.
  • Enabling the rapid preparation for meetings with banks.

KEY FACTS

STRUCTURE

active in more than 200 countries
annual turnover: €75.6 billion (2015)
348.000 employees

MODULES

Bank Account Management
Bank Charge Monitoring
Credit Line Management
Cash Flow Forecasting

IMPLEMENTATION TIME

9 months