Reval, Fiserv Partner on Bank Fee Analysis Service
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.”