Customer Success Story: ​​Breaking Free: A Global Bank's Journey to Better Service and Cost Savings with BankCheck

In the ever-evolving world of global banking, adaptability and efficiency are crucial. For a leading French bank operating on a global scale, reliance on an American vendor for bank-to-bank KYC and payments routing reference data had become increasingly painful due to unjustified annual price hikes and inflexible service. Determined to break free from these constraints, the bank embarked on a challenging journey to find a better solution.

The Challenge

This was no ordinary challenge. The incumbent vendor had established numerous individual contracts with various business groups across the bank's global locations. The Paris team first needed to identify every contract the vendor had created with the bank’s worldwide branches, along with their different termination dates and notice periods—a formidable task. After accomplishing this, they were determined to find a better solution.

The Discovery

Seeking alternatives, the Paris team turned to their local network for guidance. It wasn't long before they were introduced to BankCheck. Originally created at the request of the world's largest correspondent bank as an alternative to the same vendor, BankCheck promised responsive service, superior data quality, and value for money.

The Solution

With BankCheck, the bank achieved remarkable outcomes:

• Seamless Transition: User training and onboarding were conducted across the bank's global network. BankCheck's emphasis on support ensured a smooth transition for all users.
• Significant Cost Savings: With fair contract terms, the bank experienced substantial annual savings, relieving financial pressure from previously inflated costs.
• Unrivaled Flexibility and Service: When it became apparent that half of the global users faced constraints on terminating contracts with the incumbent vendor, BankCheck extended a lifeline. These users were allowed to access BankCheck without charge until they could break free from the incumbent's grip.
• Certainty of Transparent and Fair Treatment: BankCheck's clear and open communication fostered trust and confidence in the partnership. The bank was assured of fair and reasonable practices, providing long-term peace of mind and eliminating concerns about hidden fees or unexpected changes.
• Simplified Billing: BankCheck took on the responsibility of billing each global branch individually. This spared the central Paris team from the cumbersome task of managing internal recharges, allowing them to focus on strategic priorities.
• Empowered User Management: Recognising a significant frustration with the previous vendor's policy of not allowing user licenses to be reassigned when employees left or changed roles, BankCheck guaranteed a supportive service that offers full flexibility for such transitions at no extra cost to the bank. A self-service User Management portal has been implemented, enabling the Paris team to reassign user licenses effortlessly.

This seamless transition to BankCheck not only restored control and cost-efficiency to the bank but also set a new standard for customer-centric service in the industry. Freed from the constraints of their former vendor, the bank now thrives with a partner that aligns with its needs to support its global ambitions.

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