Do you have too little time to monitor your bank fees?
Then simply outsource the monitoring work to us.
Missing statements, untransparent prices and poor standards are fortunately a thing of the past. All major banks have in the meantime established the foundations for automatic fee monitoring, which offers numerous benefits for treasury departments. With the aid of these controls, it will be possible for you not only to demand the reimbursement of incorrectly charged fees but also to significantly optimise your payment processes, which will ultimately lead to even greater cost savings.
Are there any unnecessary accounts which could be closed? Do certain subsidiaries make unusual numbers of cash transactions or are expensive services such as fax-based transfers frequently used that are really unnecessary? Only if you can provide group-wide answers to these questions you have the information you need in order to improve compliance, streamline payment processes and save lots of money.
Monitoring bank fees therefore pays off in several ways. Despite this, many corporate groups are reluctant to implement this due to a lack of resources. Even if you have a smart system available, it still takes several working steps and, most of all, time to process electronic statements, check all the fees charged and identify discrepancies and deviations. And if you have to do that for many bank accounts, then you really have your hands full.
Skip creating reports and start directly with the analysis
That’s why we have made our bank fee monitoring module even more convenient for you and simply ‘outsourced’ it. Outsourced Bank Fee Monitoring means that we’ll take care of all the time-consuming steps and you can immediately get on with optimising your bank fees.
How exactly does it work? Relatively easily: You just need to provide us with your statements and fee schedules and we’ll provide you with the finalised reports which deliver you in all the information you need to comprehensively analyse your bank fees in just a few minutes.
Just provide us with your electronic statements once a month
Every bank delivers electronic statements and these only vary minimally in terms of their contents and formats. Over the years, we have acquired the expertise to automatically process these data despite the differences. That’s why you only need to provide us with the statements once a month and we’ll take care of the rest.
We automatically import all of the services and fees from these different statement formats into our system. Analysing these data essentially aims to answer the following questions:
- Has the service provided been agreed with the bank?
- If so, has the right fee been charged for this service?
- Are there any fees which indicate problematic processes?
We can also handle this step for you. All we need for this is the fee schedules which you have agreed with your banks. If you don’t have these fee schedules at hand, that’s a good indication of which banks you would be advised to negotiate new fees in the near future.
Once the agreed fee rates have been captured, the system can fully read out the settlements issued by your banks and check them for deviations and discrepancies. We provide you with these analyses in the form of easy-to-read reports which serve as the ideal basis for your next meetings with the banks in question.
The Bank Fee Report
How much do you pay in fees to which banking groups in which countries? This is useful information for companies just starting with bank fee monitoring who don’t have much data available about their bank fee agreements. If your internal audit department asks how high your monthly bank fees are, this report will allow you to respond in just a few days. What’s more, you’ll be able to see which services your corporate group uses how often and optimise these in the course of your next banking services tendering process or by means of internal process optimisations.
The Deviation Report
The deviation report is one of our most popular reports and saves our clients considerable sums. It will immediately show you which services your banks have charged you for which were different to those agreed and how significant these deviations are.
The Comparison Report
Fees can also be charged correctly but still not be logical. If you are paying different fees for the same services at the same bank in the same country, then this is worth discussing if you have group-wide banking terms and conditions. It can also be insightful if comparable services (in the same country) are being charged at significantly different rates by different banks.
The Benchmark Report
With the high volumes of data we have at our disposal, we can derive benchmarks which are anonymised and then provided to our clients. These are also good indicators to help you orientate yourself during your next bank negotiations.
Ready, steady, go! Claim back incorrectly charged fees and optimise your payment processes.
Having a clear overview of your bank fees is the key to saving a lot of money. Discuss unclear fees with your banks, demand incorrectly charged fees back and keep your subsidiaries in line. A detailed overview of all services, fees, volumes and incorrect fee statements bolsters your position in discussions with banks and subsidiaries and is the basis for redefining your bank relationships.
Outsourced Bank Fee Monitoring – the right fee schedule for your requirements
Bank fee monitoring as a service is based on the number of accounts and the level of detail in your analyses. There is no minimum fee, no minimum contractual period, no one-time setup costs and therefore no risk for you.
Start now with the subscription model that works best for you: