Bank Account Management Guide for Treasurers

Risk and liquidity management are top of mind for treasurers in today’s business climate highlighting the importance of bank accounts. They are necessary to pay, receive and store money and also to protect resources and facilitate treasury management. Companies must have at least one bank account, some have hundreds and a few require thousands of bank accounts to conduct their business. Bank accounts are also the means by which companies are connected to other businesses, people and the banks where the accounts are held. This makes the business of bank account management not only an important task but in the current hyper-connected environment of cybercrime, terrorism, fraud and tax evasion a mission critical function. Failure to properly manage bank accounts has the potential to cause material disruption or business failure for the account holders.

Complexity is not your friend when it comes to managing, closing or opening bank accounts worldwide.

  • Do you have real-time information and visibility about signing authorities, local bank accounts and bank fees?
  • Are you ready for an audit with the information you currently have?
  • Do you have sufficient audit trails, security and compliance elements in place?

We understand the wealth of information at hand, as well as the importance of making use of it in an efficient, safe and cost-eff ective manner. The TIS SaaS solution enables organizations regardless of industry or ERP environment to maneuver their bank account landscape by providing a user-friendly and central “single source of truth”—all in one platform. Complete transparency across users, workflows and bank accounts along with the rights to manage these is what empowers our users.

Bank Account Management

(BAM) consists of the policies, procedures and actions taken to open, close or modify accounts held by a business with a financial institution.
This includes the negotiation and management of account services and fees, mandates governing the account, authorized users of the account and methods of communication regarding account activity. It also includes managing the interrelationships among accounts, regulatory reporting and compliance.

Companies address bank account management (BAM) in many different ways but may not be addressing all of the elements in an expanding universe of tasks. The dimensions of the challenge include:

-The need for banks to know their customers and the customers of those customers to protect against money laundering and the financing of terrorism. This is familiar to treasurers through KYC, KYCC, FCPA and AML.

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