How cloud-based bank account management brings it all together
Managing multiple bank accounts almost always involves a lot of hassle – and too much paperwork. Cloud-based bank account management is the way to a simpler future.
Managing multiple bank accounts almost always involves a lot of hassle – and too much paperwork. Cloud-based bank account management is the way to a simpler future.
Anybody responsible for managing more than one bank account – whether for personal or professional use – knows how many steps can be involved. Even if the accounts are with the same bank, they may still have separate authentication protocols, different fee structures, and be subject to fine print that it pays to be aware of. Having more than one account to manage almost always involves manual work.
As a rule, the larger and more international a company is, the more bank accounts it will have. This means more currencies to handle, more rules to follow, and more people involved in any transaction. This in turn means higher costs – both in wages and fees – as well as more room for human error. There is also a higher risk of fraud when a company’s banking activities are spread far and wide.
It’s usually a company’s treasury department that feels this pain the most. After all, it’s the treasury’s responsibility to maintain visibility into and control over the company’s accounts – no matter how dispersed they may be. This not only means managing transactions, but also opening and closing accounts, negotiating fees, authorizing users, generating audit reports, and more.
For complex banking arrangements – and larger, cross-border companies – the treasury’s role can also entail managing the interrelationship between accounts, as well as ensuring local regulatory reporting requirements are met. From paying taxes on time, to knowing a customer’s customers so as to prevent money laundering and terrorist financing, it’s the job of the treasury to be on top of a company’s bank accounts.
It can be incredibly complex and time-consuming work, especially considering that most banking transactions are still paper-based. Significant deposits, withdrawals over a certain limit, information on new signatories – all these and more often involve a paper, email or fax trail that a company needs to pay attention to.
Managing multiple bank accounts is so labour intensive that CFOs and treasurers – constantly under pressure to optimize their processes – cite it as one of the main drivers for adopting automated processes. Effective and structured bank account management is also key in meeting regulatory requirements. Put simply, many corporates are looking for a single source of truth across their banking landscapes.
This is now becoming a reality thanks to cloud-based bank account management solutions. By centralizing their various bank accounts in the cloud, companies immediately gain a level of control that is simply not otherwise possible. From granting user authorizations in detail, to replicating changes across accounts and generating reports, cloud-based bank account management is the modern answer that CFOs and treasury heads are looking for.
Download the whitepaper from TIS for more about cloud-based bank account management: https://bit.ly/334J1m5 Visit our website at www.tis.biz
About TIS
TIS (Treasury Intelligence Solutions GmbH), founded in Walldorf, Germany in 2010, is a global leader in managing corporate payments. The Financial Times named TIS as one of “Europe’s Fastest Growing Companies” for 2019.
Offered as Software-as-a-Service (SaaS), the TIS solution is a comprehensive, highly-scalable, cloud platform for company-wide payments and cash management. For businesses, TIS creates a community of trust and empowers customers to make better decisions with 100% real-time cashflow visibility. Key benefits are lower costs, risk prevention, a higher degree of transparency and fast worldwide roll-outs. For banks and partners, TIS generates growth and revenue opportunities through continuous innovation for better payment experience.
The TIS solution has been successfully used for many years in both large and medium-sized companies, including Adecco Group, BMW Group, Fresenius, Fugro, OSRAM, QIAGEN and Volkswagen Group. 25% of DAX companies are already TIS customers.
The high level of security and deep integration of the platform with existing ERP systems is certified by ISO-27001, SOC 1, SOC2, and SAP.
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