American Payment Systems Uses Bank Fee Analysis to Detect and Recover Bank Fee Overcharges and Negotiate Better Fee Rates
Overview
Since 1990, American Payment Systems (APS), a wholly owned subsidiary of CheckFree Corporation, has been a leading US provider of walk-in bill payment services. The company processes billions of dollars in bill payments annually through thousands of retail locations across the US.
Challenges
APS had over a thousand accounts that required fee analysis. Each month, analysis statements were received from the majority of banks and recorded into the company’s fee database. The manual process of comparing one month to the next, and reviewing each line item was labor-intensive and time-consuming. It often took up to three weeks per month to review and record the data. APS also did not have a tool to compare their fees against benchmark fee rates to ensure they received the best rates possible.
Objectives
- Automate fee analysis to reduce the time spent manually reviewing fee statements
- Detect all fee errors quickly
- Automate fee error reporting and resolution processes for speedy recovery of overcharges
- Secure competitive, consistent rates across accounts and banks
Capabilities Provided
American Payment Systems selected Trintech’s Bank Fee Analysis solution to automate fee analysis, error reporting and resolution. Since the implementation of Bank Fee Analysis, American Payment Systems can:
- Compare invoiced fees to contracted rates by actual amount
- Notify banks with email alerts of fee errors
- Review fee trends and compare services, balances, compensation and total fees at the bank or account level
Testimonial
“Once data is loaded, spotting fee discrepancies is easy. You just press a button and variances are automatically identified. I really like being able to negotiate better rates with this tool, and it’s hard to beat for ease of use.” - Dominic Caiafa, Bank Relationship Manager
Other Information
For more information on how you too can eliminate bank fee overcharges and optimize your banking relationships for increased savings with Bank Fee Analysis, contact Trintech today.
