ION, the global provider of trading, analytics, and risk management solutions for commodities and treasury management, has announced the availability of Bank Fee Analysis, a solution that is designed to help organisations improve cost transparency, accountability, and compliance across their banking partners.
Part of ION Bank Account Management (IBAM), the solution is meant to address a growing need to better manage costs within the treasury organisation. It is part of a new set of offerings created by ION Treasury for its community of over 50,000 users around the world.
The company says that corporations spend tens of billions of dollars per year on transaction banking services, yet billing statements are non-standard, requiring manual analysis to review the data and associated fees.
A poll conducted earlier this year by consulting firm Strategic Treasurer found that 57% of responders listed these manual processes as a top operational challenge. An additional 30% listed bank account management as the operation they could not consistently perform, due to lack of time, multiple systems and formats, and other technological constraints.
Available with all ION Treasury solutions, Bank Fee Analysis validates the accuracy of billed versus contracted fees, identifies and reconciles errors automatically, and ensures compliance against negotiated contracts in an easy to navigate dashboard.
“As we partner with our customers, we see a continual concern with the manual effort associated with reconciling bank fees,” said ION Treasury CEO Rich Grossi. “Bank Fee Analysis provides powerful reporting and decision-making tools to help users drive down cost, negotiate better contracts and terms, and identify the best banks for their business.”
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