For large global organizations, keeping tabs of all of your bank relationships and accounts can be a daunting task. Research by Kyriba and the Association of Corporate Treasurers shows that 43% of companies with more than $1.5bn in revenues have more than 25 banking partners, and 60% of them have more than 200 bank accounts to oversee. Not only is it essential from treasury’s perspective to effectively manage all of these accounts from a process and security perspective, but failing to do so could also result in non-compliance of FBAR and other government regulations.
Despite the critical role of effective bank account management, more than half of all organizations have no formal bank account management solution in place.
We recently held a webinar that discusses the critical nature of effective bank account management, and the practical steps that organizations can take to gain and maintain control over their bank accounts across the globe
The webinar also discussed how the British Broadcasting Corporation, the world’s largest public service broadcaster effectively manages over 1,000 unique legal signatories and 550+ bank accounts in 50+ currencies, enabling greater security of the corporation’s cash through improved control of bank accounts and enhanced visibility. For more information, you can stream the webinar, titled “Gaining Complete Control over Your Bank Account Management.” You can also download the case study, “Implementing a BAM solution for the BBC,” which highlights key points and benefits of the corporations BAM implementation.
Kyriba Bank Relationship Management – solution fact sheet