How Bank Fee Analysis Helps Businesses Improve Price Transparency

Banking CIO Outlook | Monday, October 28, 2019

Bank Fee Analysis provides robust reporting and decision-making tools to help users cut down costs and identify the best banks for their business.

FREMONT, CA: The most significant global provider of trading, analytics, and risk management solutions for commodities and treasury management, ION, has come up with the new solution- Bank Fee Analysis. It is a solution for helping businesses in improving cost transparency, accountability, and compliance across their banking partners. Bank Fee Analysis is a part of ION Bank Account Management (IBAM) that addresses a growing need to manage costs better within the treasury organization. The solution is a part of a new set of offerings created by the ION Treasury, empowering its community of more than 50,000 practitioners, leaders, and users around the globe.     

Companies spend billions of dollars every year on transaction banking services, yet billing statements are non-standard, which requires manual analysis to review the data and associated fees. According to a survey by analyst and consulting firm Strategic Treasurer, 57% of responders listed these manual processes as a top operational challenge. Furthermore, 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. With ION Treasury solutions, Bank Fee Analysis validates the accuracy of billed versus contracted fees. It then identifies and reconciles errors automatically, ensuring compliance against negotiated contracts in an easy to navigate dashboard.

ION is revivifying the way business is done via innovations in automation technology. The company is providing workflow automation software to financial organizations, governments, and central banks. By integrating passion for automation with a strategic outlook of the industries, ION serves and designs solutions, enhancing decision-making, simplifying complicated processes, and empowering people. ION embraces the power of community, working with each other and with its customers to succeed through a positive culture of continuous improvement.   

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See Also: CIOReview Magazine | ComplianceQuest


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