Business Control Solutions (BCS), provider of management consultancy services and financial control software to the financial services sector, today announced that RBC Dexia Investor Services, has selected BCS Arc to centralise and reconcile its agent network management data. The solution is due to go live in July this year.
Prior to selecting BCS Arc, RBC Dexia used a combination of in-house systems for its agent bank fee controls. As part of a drive to increase automation, controls and visibility, the firm surveyed the market for suitable offerings.
Tim Wood, head of network management at RBC Dexia, said: “We chose BCS Arc because it proved to be the strongest solution available that would address our challenging requirements. This will form an important part of control and efficiency improvements across our network management operations. It will also enhance the level of transparency and management information we can provide to our clients.”
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 RBC Dexia to electronically compare invoiced fees with a synthetic invoice produced by the software to validate the accuracy of invoiced amounts. The system will also provide “What If?” analysis to enable RBC Dexia to compare fees across multiple service providers and model alternative charging mechanisms, supporting the renegotiation process.
Ted Sparrey, head of sales at BCS, commented: “Carrying out these checks within the network management function represents an increasingly important financial and operational control process. With this investment, RBC Dexia will be empowered to reduce erroneously invoiced payments, and be better positioned to control and reduce agent bank fees and internal costs. We look forward to working with the RBC Dexia network management team and helping them reap the benefits of BCS Arc.”