The agent bank fees incurred by investments banks will often run into millions of pounds each year but the complexity of the fee schedules often means that these invoices are paid with very little scrutiny. This is mainly due to the complexity of some of the relationships and the sheer volume of transactions that the bank produces each month.
To be able to reconcile and manage the agent bank network effectively would require having centralised access to the requisite information for the organisation’s markets, contracts, accounts and fee schedules. In most large Global Custody departments these are stored across an assortment of spread sheets and other paper based files.
BCS ARC is an easy to implement, low-maintenance enterprise software product that delivers a global data repository for entities, markets, agent banks, accounts, fee schedules and fee types. This golden source of information drives a powerful fee matching and reconciliation engine. BCS ARC makes use of the static data of the Agent Bank network along with transaction information provided by the organisation’s internal system to produce a Synthetic Invoice for each Agent Bank every month.
BCS ARC is not only quick and easy to deploy, with a low cost of ownership, but can also comfortably meet the needs of complex, global, volume-intensive businesses. Key advantages include providing:
- A single global data repository to store and manage your agent bank network including contacts, contracts, accounts and fee schedules
- Reconciliation of Agent Bank invoices with BCS ARC Synthetic Invoices generated from transactional data and fee schedules
- Multiple levels of matching tolerance to identify classify and appropriately manage discrepancies and errors in the invoicing
- Instant access to Management Information Reporting to help manage all aspects of your agent network relationships
- Scenario modelling and analysis that takes the guesswork out of renegotiations and allows you to prove your cost savings
- Cost reductions through improved control processes and better use of resources.
Arc has not been reviewed by any customers.
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