Leading Practice for Setting Up Bank Accounts in Many Countries

[terri_jessop]

All

I am working with a company that has:

• multiple companies (18)
• operates in many countries
• each company has 2 bank accounts (USD and Local $)
• many different banks (ie: Bank of Montreal, RBC, Standard Bank, etc)

What is the best way to set up the bank directory and banks? I can see doing it many ways but looking for leading practices. Note that this group of companies changes fast (new companies, sell companies) so we need a flexible and easy to use solution. Options I see are:

1. 1 Bank (My Banks) per company Code and assign bank accounts under it?
2. 1 Bank (My Banks) for each country and assign bank accounts under it?
3. 1 Bank (My Banks) for each Bank (ie: RBC, etc) and assign bank accounts under it?

Not sure what to choose for options as they all seem to work. Thoughts from the set up and user experience point of view would be great. Want to make as easy as possible for JCM to manage as the # of companies is going to increase and decrease throughout the next 2 years therefore need as much flexibility as possible.