Businesses are using the new decision-making tools in Bank Fee Analysis to cut down costs and identify the best opportunities.
FREMONT, CA: The most notable global provider of trading, analytics, and risk management solutions for commodities and treasury management, ION, has come up with an innovative solution- Bank Fee Analysis. It is a solution for supporting businesses in enhancing cost transparency, accountability, and compliance over their partners. Bank Fee Analysis is a part of ION Bank Account Management (IBAM), addressing a growing demand to manage costs better within the treasury of capital market organizations. The solution is a part of a unique set of offerings created by the ION Treasury, empowering its community of more than 50,000 practitioners, leaders, and customers around the globe.
Companies spend billions of dollars each year on transactions with financial services, yet billing statements are non-standard, which needs manual analysis to review the data and related fees. According to a survey by analyst and consulting firm Strategic Treasurer, 57 percent of responders listed these manual processes as a top operational difficulty in capital market firms. Furthermore, 30 percent listed account management as the operation they could not constantly perform, due to lack of time, variable systems and formats, and other technological limitations. With ION Treasury solutions, Bank Fee Analysis verifies the accuracy of billed versus contracted fees. It then recognizes and reconciles errors automatically, guaranteeing compliance against negotiated contracts in a simple to navigate dashboard.
ION is revitalizing the way business is done via innovations in automation technology. The company is offering workflow automation software to capital market organizations, central banks, and governments. By integrating an enthusiasm for automation with a strategic outlook of the industries, ION serves and creates solutions, enhancing decision-making, simplifying sophisticated processes, and empowering people. ION embraces the strength of the community, working with each other and with its customers to succeed through a positive culture of continuous improvement.