AUTOMATIC CONTROL OF BANK INTEREST & FEES
The difficulty in tracking the fees and agreements with banks results from two main challenges
Tracking and control requires a great deal of manual work.
The monitoring of periodic non-renewal of agreements with the banks is very difficult to follow.
The EFI Bank and Agreements Control Module immediately solves this challenge and genrates financial profit to the organization even in the first year after the initial investment.
Main principles of the Solution Module
The system contains a comprehensive mechanism for the control of commission agreements with banks. The agreements with the banks are initially entered into the system with all relevant details, including type of commission, manner of billing, frequency (Pre-each transaction, periodic, etc.), commission percentage and resultant amount, minimum/maximum limits for commission, identification of the type of transaction / bank details for the same commission, etc..
The system produces a comprehensive control report that compares the commission resulting from the agreement with the bank and the commission that was actually charged as recorded in the bank’s transactions.
An automatic report can then be generated from e-mail delivery systems directly to the bank for a refund and amendment request.