Today’s Bank Relationship Management (BRM) supports effective corporate governance of an organization’s bank accounts as well as driving a more efficient banking strategy. Many modern BRM programs streamline the number of banks, bank accounts and bank fees to support the organization’s growth more effectively. Hamza Benamar, CFO for Kyriba, discussed the importance in his article: “CFOs must ensure the bank relationship is being leveraged to its full potential.”
Optimizing BRM technology results in big wins; often as much as a 30% reduction in bank fees alone, in addition to productivity improvements such as automated audit tracking and reporting including FBAR disclosures. To deliver operational value, BRM technology must include:
APIs not only connect banks to internal finance platforms for real-time reporting and payments, they also offer the potential to support bank account management in real-time. Many banks, as they open their platforms via API, are considering supporting account opening, notification, and signatory management activities. Some of the more specific use cases include:
Finance and treasury must look to continually improve operational efficiency to maximize strategic decision making. Bank Relationship Management is key to minimizing bank costs and streamlining banking footprints to effectively support liquidity needs across the enterprise.
To learn more about leading BRM solutions and how to optimize operational tasks for your finance organization, visit www.kyriba.com.
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