Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2023-06-23
Setup Considerations: Bank Fee Analysis

Setup Considerations: Bank Fee Analysis

You can use this topic to help make decisions when planning your configuration and use of bank fee analysis. It explains:
  • Why to set it up.
  • How it fits into the rest of Workday.
  • Downstream impacts and cross-product interactions.
  • Security requirements and business process configurations.
  • Questions and limitations to consider before implementation.
Refer to detailed task instructions for full configuration details.

What It Is

You can perform a bank fee analysis to review your global bank service fees and control bank fee spend across your organization. You can use Workday reports to analyze pricing variances and optimize service pricing based on bank fee statements and bank service contracts.

Business Benefits

With bank fee analysis, you can easily identify:
  • Total bank fees for a defined period.
  • Bank fees that are avoidable, such as payment repairs and overdrafts.
  • Bank services no longer needed or in use.
  • Pricing inaccuracies between bank fee statements and service contracts.

Use Cases

You can use bank fee analysis to:
  • Receive and record global bank fee statements.
  • Maintain bank fee service codes for global financial institutions.
  • Create and maintain contractual service agreements for each financial institution.
  • Compare bank service costs across multiple financial institutions.
  • Report on total bank fees by bank account, company, and financial institution.

Questions to Consider

Question
Considerations
How can you import bank fees from your banks instead of manually recording them in Workday?
You can request a bank fee statement from your banking partners in 1 of these formats:
  • EDI 822
  • ISO 20022
    camt.86 V1
  • ISO 20022
    camt.86 V2
Workday supports these formats automatically in the bank fee statement connector.
How can you validate that your bank service pricing is correct?
Upload or record a bank service contract in Workday for each bank. The service contract lists what you've contractually agreed to pay for each individual service and the pricing type, such as fixed price or tiered.
You can then run the
Bank Fee Variance Analysis
 standard report to find pricing inaccuracies.
How can you track pricing for volume-based service agreements?
On a service contract, select 1 of these pricing types:
  • Tiered
    : The cost for the services decreases when the service volume reaches the next pricing tier.
  • Threshold
    : The cost for individual services decreases for all instances of the service when the service volume reaches thresholds.
What types of service codes can you use on a service contract?
You can enter 1 of these types of service codes:
  • Bank specific
  • AFP
Workday compares the service code price on the contract against the bank or AFP service code delivered on the bank fee statement.
How can you create multiple bank service contracts for a financial institution?
When you create your service contracts, assign each contract to specific bank accounts held at the financial institution.

Recommendations

  • Receive bank fee statements automatically from your bank to reduce errors.
  • Upload your bank fee service contracts using web services to increase efficiency.
  • Perform bank fee analysis on a regular basis to maintain control over your bank fee costs.
  • If you don't have a bank service contract, you can use bank fee analysis reports to determine:
    • Service costs across financial institutions.
    • Unusual increases or decreases in service fee activity.
    • Bank services that make up your bank fees.
    You need a bank service contract to compare differences between the expected charges defined in your service contract against your actual bank fee charges.

Requirements

Upload or manually record bank fee statements in Workday. Bank fee statements track service charges, fee rates, and compensation information for each billing period.

Limitations

You can’t track free bank services in Workday. Example: A tiered price of $0.00 on the first level of a bank service contract.

Tenant Setup

No impact.

Security

Domain
Considerations
Set Up: Bank Fee Analysis
 in the Cash Management functional area
Users secured to this domain can maintain bank fee service codes.
Process: Bank Fee Service Contract
 in the Cash Management functional area
Users secured to this domain can create bank service contracts.
Process: Bank Fee Statements
 in the Cash Management functional area
Users secured to this domain can create bank fee statements and use standard reports.
Report: Bank Fee Analysis
 in the Cash Management functional area
Users secured to this domain can view bank fee variances in the
Bank Fee Variance Analysis
 standard report.

Business Processes

No impact.

Reporting

Report or Dashboard
Considerations
Bank Fee Variance Analysis
 report
Displays the discrepancies between bank service fees on your bank fee statements and the contractual fee rates. The report includes all bank service fees for the selected financial institutions.
You can also filter results by:
  • Bank account.
  • Bank fee statement dates.
  • Variances between actual and contractual service fees that are unequal to $0.00.
Find Bank Fee Statements
 report
Find Bank Fee Statement Lines
 report
Displays bank fee statement and statement line details.
Total Bank Fees by Financial Institution
 report
Displays total bank fees for 1 or more financial institutions within a specified date range.
Total Bank Fees by Company
 report
Displays total bank fees for 1 or more companies. Workday automatically populates the last 3 months of bank fees, which you can modify.
If you've fewer than 3 months of fees, Workday displays 0.00 for the other months.
We provide these report data sources that you can use in custom reports:
  • Bank Fee Statements
  • Bank Fee Statement Line
  • Bank Fee Statement Line Variance

Integrations

You can import your bank fee statements into Workday using a bank fee statement integration template.
Integration Template
Considerations
Import EDI 822 Bank Fee Statements
Imports files in the ASC X12 EDI 822 format.
Import ISO 20022 V1 Bank Fee Statements
Imports files in the ISO 20022
camt.86 V1
 format.
Import ISO 20022 V2 Bank Fee Statements
Imports files in the ISO 20022
camt.86 V2
 format.
Core Connector: Bank Fee Statements Inbound
Imports files in a Workday-defined format. The custom integration enables you to load formats other than EDI 822 and ISO 20022.
We provide these web services:
  • Get Bank Fee Service Contracts
    : Retrieves bank service contracts from Workday to distribute externally, or to apply updates. You can use the
    Put Bank Fee Service Contract
     web service to reload the updates into Workday.
  • Put Bank Fee Service Contract
    : Mass imports bank service contracts from your financial institutions to Workday.

Connections and Touchpoints

Workday offers a Touchpoints Kit with resources to help you understand configuration relationships in your tenant. Learn more about the Workday Touchpoints Kit on Workday Community.