Software-as-a-Service (SaaS) provider Reval and financial services technology Fisertv have formed a partnership to offer cost savings and control to Reval’s corporate treasury clients seeking bank fee analysis.
Reval clients will be able to leverage Fiserv’s Weiland BRMedge analysis, which scans each line of a statement looking for more than 30 categories of potential errors. The system automatically notifies banks regarding billing errors, allocates charges to business units and posts fees to the corporate’s general ledger. It also enables treasuries to analyse the entire cash flow cycle, budget for future bank fees, and model different balance, service and calculation scenarios.
“Treasury professionals can take control of their banking relationships and reduce cash management fees, by analysing bank statement fees to ensure that charges are accurate and account fee structures are optimised for efficiency and cost,” said Dan Gill, vice president, Weiland Corporate Solutions, Fiserv.
“Using Weiland BRMedge, companies have saved millions of dollars. For example, a large US-based insurance company recently cut their annual bank fee budget from US$15m to US$8m while still expanding their business.”
“Cash management is an ongoing, dynamic process, so to analyze bank fee statements without automation is difficult, if not impossible, and this is especially true for companies with several bank accounts, globally,” said Dan Beames, director of global strategic alliances at Reval.
“With Weiland, our clients are assured a best-in-class solution, extending the Reval offering.”
The most interesting outcomes of PSD2 will be derived from companies combining open banking with data from other areas like social media or government, argued Miles Cheetham, Open Banking Ltd.
The architecture of financial markets has changed and we will soon see the end of the last eight years of prosperity, said Stefan Bielmeier, chief economist and head of research at DZ Bank.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Due to the low interest rate environment and Basel III regulation many corporate treasurers, who may have in the past been very reliant on the banking sector to provide them with cash management solutions, have been forced to explore alternative options as banks have been refusing short dated cash deposits.