Overseeing Public Bank Directory Data

Hi there! My name is Page. Last month, I got a job as a Bank Account Administrator on the Treasury Management team. But I'm a little nervous - this is my first role out of university, so I have lots to learn.

My new responsibilities involve:

• Opening, closing, and managing the company's banks
• Opening, closing, and managing the company's bank accounts
• Maintaining signatories
• Periodically updating bank directories

I need foundational knowledge about how to execute these tasks. First, I want to learn more about bank directories and periodic updates.

Bank Directory: A database containing information about banks, often sorted by country or region.

The information provided in bank directories commonly includes:

• Bank's Name: The official name of the bank.
• Bank Identification Number (BIN): A unique code assigned to each bank.
• Contact Information: This includes the bank's headquarters address, phone number, email, and official website.
• Bank Type: Information on whether the bank is commercial, retail, investment, or a credit union.
• Services: The services a bank offers, like loans, savings, checking, and so on.
• Key Officials: Names and positions of the bank's key officials.
• Branches and ATMs: The number and location of the bank's branches and ATMs.

However, bank directories can vary depending on the provider, so always verify critical information using multiple sources.

Wherever you are in the world, you will most likely be able to access a bank directory. The accessibility and content may vary based on local regulations and policies, depending on your location.

The information is typically provided to be used by customers, banking professionals, researchers, and others who might need such banking data. It's always advisable to approach a verified bank directory to ensure the authenticity of the information provided.

Here are a few examples of how bank directories may differ globally:

There are various ways to upload bank directories into our SAP S/4HANA system. This can be done automatically via the Import Bank Directories app.

With the Global Bank Directory, you can upload files that will be cross-checked against existing bank data within the system using the Import Bank Directories app. This directory houses all bank master data, inclusive of bank contact information as well as regulatory data like SWIFT codes and associated bank groups.

The function of this application is not just limited to uploading data. The app also compares the current data in the system and the intended upload. During this comparison process, the app will:

• Insert new banks into the bank master table
• Refresh data for banks with updated details (like changes in addresses)
• Designate banks for removal if they are deemed invalid or are no longer in operation

It is also possible to manually add bank master data into our SAP S/4HANA system. For this purpose, there is the "Manage Banks - Master Data" app for creating general master data of a bank and the Manage Banks - Cash Management app for entering additional bank-specific and cash management-relevant master data. In Lesson 2, we will learn how to manually create bank master data and explore these two apps in further detail.

Maintaining an up-to-date bank directory is a crucial aspect of managing financial operations. An outdated bank directory could lead to several potential issues, including inefficient transactions, payment delays, incorrect routing of transfers, and unnecessary complications in financial operations.

Updating the bank directory every quarter serves to:

• Ensure Efficiency: Regular updates provide accurate bank details that facilitate smooth financial operations, swift transactions, and reliable communication.
• Facilitate Compliance: Banking regulations frequently change, and a periodic update can assist in regulatory compliance.
• Avoid Transaction Errors: Outdated banking coordinates can lead to errors in transactions and transfers.
• Be Prepared for Changes: In the banking world, mergers, acquisitions, and rebrandings are common. These often result in changes to bank details, such as addresses, contact information, and even account numbers.
• Maintain Trust: Particularly for businesses, maintaining an accurate bank directory can ensure that transactions go off without a hitch, promoting trust and good relationships with partners and customers.

Therefore, it is crucial to take the time every quarter to update any changes in the bank directory to avoid unnecessary disruptions and ensure effective and smooth operations.