Reval, a leading global Software-as-a-Service (SaaS) provider of a scalable and integrated Treasury and Risk Management (TRM) solution, announced today that it has partnered with Fiserv, Inc., a leading global provider of financial services technology solutions.
The partnership will bring cost savings and control to Reval's corporate treasury clients in need of best-in-class bank fee analysis.
Reval clients will be able to leverage Weiland BRMedge™ from Fiserv for automated world-class bank fee analysis. BRMedge scans every line of every statement looking for more than 30 categories of potential errors. The system automatically notifies banks regarding billing errors, allocates charges to business units and posts fees to the corporate's general ledger. It also enables treasuries to analyze the entire cash flow cycle, budget for future bank fees, and model different balance, service and calculation scenarios.
"Treasury professionals can take control of their banking relationships and reduce cash management fees, by analyzing bank statement fees to ensure that charges are accurate and account fee structures are optimized for efficiency and cost," says Dan Gill, vice president, Weiland Corporate Solutions, Fiserv. "Using Weiland BRMedge, companies have saved millions of dollars. For example, a large U.S.-based insurance company recently cut their annual bank fee budget from $15M to $8M while still expanding their business."
"Cash management is an ongoing, dynamic process, so to analyze bank fee statements without automation is difficult, if not impossible, and this is especially true for companies with several bank accounts, globally," says Dan Beames, director of global strategic alliances at Reval. "With Weiland, our clients are assured a best-in-class solution, extending the Reval offering. Having set the industry standard with its role in designing the industry's most broadly adopted bank file standards, Weiland exemplifies the quality partnership we bring to our clients' experience. We are happy to welcome Weiland into our exclusive partner ecosystem."