A Swiss bank aimed to strengthen oversight of incoming invoices by moving from manual handling to detailed, line-by-line reconciliation. Legacy technical debt, caused by fragmented systems and siloed teams, had led to inefficiencies and reduced transparency.
To address this, the bank implemented a central platform designed to securely manage data access according to business line permissions.
Solution
The MYRIAD FEES module streamlined invoice processing by automating routine tasks and limiting manual intervention to flagged discrepancies. Its trend analysis capabilities revealed unusually high transaction volumes, triggering further investigation. A detailed review confirmed the bank had been overcharged for cash transactions by a US-based provider.
Results
- The bank secured a substantial rebate covering three years of licence fees.
- Given a fee holiday for the rest of the year.
- Renegotiated tariffs to achieve more favourable rates and long-term cost savings.
