Bank charges: why insurers are struggling to control them

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Insurance companies carry out thousands of banking transactions every day: premium collections, claims settlements, financial investments, supplier payments, etc. These massive flows inevitably generate banking fees. However, despite pricing agreements negotiated with their banks, the reality shows a significant gap between the planned budget and the fees actually invoiced.

A “mille-feuille” of bank charges

Behind a negotiated price list, the costs are broken down into a multitude of components:

• Fixed and variable costs per operation,
• International exchange commissions and SWIFT fees,
• Costs related to rejections, cancellations or technical incidents,
• Hidden costs, by nature difficult to identify.

Each bank applies its own logic, with often heterogeneous reporting (statements, account administration, life cycle, PDF tables).
The result: a multi-layered mess of micro-invoicing that is impossible to consolidate without considerable effort.

The limits of manual control

Historically, treasury or accounting teams have attempted to verify expenses after the fact, by manipulating bank files and spreadsheets.
But this approach is time-consuming, incomplete, often limited in practice to samples, and ultimately unreliable given the complexity of contracts.

‍Automation as the answer

An automatic bank fee control module is a real game changer. First, it centralizes data through the standardization and automatic collection of camt.086 files and other bank reports.

It

Discrepancies are immediately detected, additional costs calculated and clearly reported to the financial teams.

Finally, this system offers a consolidated view of fees by bank, by nature and over time, which constitutes a powerful lever for effectively managing and renegotiating banking conditions.

A strategic issue for insurers

In a context of pressure on margins, insurance players can no longer afford to suffer an uncontrolled drift in their bank charges.

‍ At subject" to a " managed" : NEOFI Bank Charges NEOFI Cash cash management solution , and allows automatic control of your bank charges.

This combination puts an end to a recurring problem by providing complete visibility, rigorous control and real mastery of banking costs.

“No longer suffer your bank charges, manage them with NEOFI”