Source: Business Control Solutions
Business Control Solutions (AIM: BCT.L), provider of management consultancy services and operational control software to the financial services sector, today announced that it has signed a contract with HSBC to supply BCS Agent Reconciliation Control (ARC).
This software application will act as HSBC's single source of agent bank fee data.
Annual agent bank fees frequently run into millions of pounds per annum.
These costs are typically received by invoice and cover transaction costs and custody fees. BCS ARC allows the centralisation of this data to validate costs accurately each month. It will enable HSBC to look at the most efficient fee models in order to save money and accurately apportion fees against trading desks.