Introduction to the Invoicing Module

The Invoicing Module allows Network Managers to track, monitor, and spot trends in the fees paid out to their Agent Banks.

BNM clients can configure Fee Cards in the system and manually enter or automatically upload invoices as they are received. The system can then reconcile those invoices at the individual fee level to ensure the appropriate rates are being charged. 

Network Managers have the flexibility to set up the Invoicing Module the way their current workflow is set up for their organization. Fee Cards can be added at the Legal Entity, Agent Bank, and/or Third Party Relationship level and the system supports multiple fee structures including flat, fixed (per transaction), and tiered fees. 

Please Note: A user must be a System Administrator or have Fee Card Read/Write permissions enabled to work with the Fee feature. If you do not have these permissions enabled, please reach out to a current System Administrator to request the same.

For more information, please see our full help article on Invoice and Fee Cards permissions:

• Invoice and Fee Card Permissions

Note: This feature is not available by default. If interested, please reach out to your Account Manager or contact Support.

• This article covers the following topics:

  • Fee Cards
  • Fees
  • Invoices

Fee Cards

Fee Cards can be added and configured at the Legal Entity, Agent Bank, and 3rd Party Relationship level. Each Fee Card must have a named currency designation and a start date. Once created, a user can click into the Fee Card Details Screen to view, edit, and add Fees. Optionally, users can upload Fee Cards and Fees using the system-approved import template.

You can also configure a Tolerable Variance criteria within the fee card. This criterion allows you to configure the system to only flag variances that are material to you during the reconciliation process. 

Please see our help article for a full walkthrough on manually adding and editing Fee Cards:
Adding and Managing Fee Cards 

Please see our help article for a full walkthrough on importing Fee Cards:

Importing a Fee Card

Fees

Each rate for services performed that is tracked under a Fee Card is called a Fee. A Fee can be configured under two main calculation types and can be created in a Fee Card simultaneously:

• Flat
  • Flat fees are billed regardless of activity on an account.
• Variable
  • Variable fees are an umbrella that includes Fixed and Tiered Rate Types.
    • Fixed fees are per transaction fees.
    • Tiered fees are tracked under a tiered structure and allow the user to configure tiers related to Assets Under Custody (AUC) or transaction fees.

Please see our help article for a full walkthrough on this topic:
Adding and Managing Fees 

Users can also categorize individual Fees into pre-set Fee Groups and Fee Types depending on the nature of the fee. Please see our help article for a full walkthrough on this topic: 
Configuring Fee and Fee Card Fields 

Invoices

Invoices received from entities on a recurring basis can be added, tracked, and reconciled in our platform. Manual entry and automatic processing of invoices by upload are supported.

Please Note: Only invoices in an Excel or PDF format are supported for automatic upload. Invoices received in other formats, such as Word, must be manually entered. 

At their core, received invoices will contain one or more applicable accounts with each account containing one or more applicable fees. Invoices can be added to the platform and organized along with details such as effective date, account number, market, currency, and more.

As invoices are entered, each will be processed through a series of system validation checks to ensure all data is being entered correctly. This will save all current invoice data, which can be submitted for reconciliation later.

Please see our help articles below for a full walkthrough on the manual entry and automatic upload of invoices:

• Manually Adding Invoices
• Automated Invoice Entry