Bank Fee Analysis addresses a growing need to better manage costs within the treasury organization
NEW YORK—Oct. 15, 2019 – ION, the largest global provider of trading, analytics, and risk management solutions for commodities and treasury management, today announced the availability of Bank Fee Analysis, a solution that helps organizations improve cost transparency, accountability, and compliance across their banking partners.
Bank Fee Analysis, part of ION Bank Account Management (IBAM), addresses a growing need to better manage costs within the treasury organization. The solution is part of a new set of offerings created by ION Treasury to empower its community of more than 50,000 practitioners, leaders, and users around the world.
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 analyst and consulting firm Strategic Treasurer found that 57 percent of responders listed these manual processes as a top operational challenge. An additional 30 percent 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.”
Craig Jeffery of Strategic Treasurer said, “Increasing visibility and automating these manually intensive processes is important. It’s great to see leaders such as ION provide their clients with technology that can change how they handle required tasks, while reducing spend, and improving the organization’s bottom line.”
About ION Group
ION provides mission-critical trading and workflow automation software solutions to financial institutions, central banks, governments, and corporates. For more information, visit www.iongroup.com.