LONDON, January 2, 2015 /PRNewswire/ --
Business Control Solutions (BCS), provider of financial control software to the financial services sector, today announced that a leading French financial services group has selected BCS arc to centralise and reconcile its agent network invoices and relationship data.
Prior to selecting BCS arc, the group was reliant on a combination of spreadsheets and self-developed tools for its agent bank fee controls. In a bid to bring increased control and visibility, the group sought an 'out of the box' software solution and, following on from an in-depth evaluation, BCS arc was chosen to be implemented across the group's global network management operations.
BCS arc will be used as a data repository for all internal and external relationship entities, contacts, contracts, agent fee schedules and invoices. It will enable the firm to electronically compare invoiced fees with a synthetic invoice produced from transactional records by the software, to validate the accuracy of invoiced amounts. The system will also provide "What If?" scenario analysis to enable the comparison of fees across multiple service providers and model alternative charging mechanisms, supporting the negotiation process, as well as providing comprehensive reporting on all aspects of their agent network.
Adrian Somerville, Managing Director, Software Products at BCS, commented: "Carrying out these checks within the network management function represents an increasingly important financial and operational control process. With this investment, our new client will be empowered to reduce erroneously invoiced payments and be better positioned to control and reduce agent bank fees and internal management costs, whilst also providing a more efficient and comprehensive service to its customers. We look forward to working with the network management team and helping them reap the benefits of BCS arc."
About Business Control Solutions
Business Control Solutions is a provider of GRC control software to the financial services sector. Our innovative technology solutions are designed by industry practitioners to embed control within Finance and Operations functions, giving senior management real time visibility of issues and risks.
Business Control Solutions is based in London, with a development centre in Peterborough. For more information on Business Control Solutions please visit http://www.bcsplc.com
SOURCE Business Control Solutions (BCS)