EBAM - changing the future of corporate bank account management

Printer-friendly versionPDF version

ISO compliant standards now available for electronic account opening, closing, maintenance and reporting

For immediate release:

La Hulpe, 21 April, 2009— SWIFT today announced that its new Electronic Bank Account Management (EBAM) offering is live. EBAM combines the use of ISO 20022 XML compliant standards with SWIFT’s messaging platform, allowing banks and corporates to streamline the process of bank account management.

The offering focuses on four key areas: account opening, closing, maintenance and reporting.

Bank account management - including mandate management - is currently a paper based process between banks and corporates. Moving this activity to EBAM will lead to significant cost and time savings, and ensure there is a consistent view on the account structure by both parties.

EBAM goes live following a successful pilot phase, involving the participation of three corporate customers, three banks and three software vendors. The platform will now be made available to all potential customers.

“EBAM’s standardised messaging will help us to improve our account management processes with our banks. It will save costs and effort, by eliminating large parts of the paper flow between ourselves and the banks. This is a tremendous benefit for companies with global treasury operations” ,” said Carola Van Limborgh, Cash Management Architect, Shell.

“By automating account management processes, EBAM allows us to respond more quickly to our customers’ requirements and to reduce the risk of human errors.” said Loretta Gannon, TS Product Management, TS Development Manager, Innovation, BNY Mellon Treasury Services. “This enables us to give corporate customers the assurance that we share the same view and understanding of their accounts”.

Note to editors

About Electronic Bank Account Management (EBAM): Fully automates the management of accounts, including mandates, and facilitates the integration into back-office applications (TMS, ERP, HR-databases, etc. Will sync the customer’s and the bank’s views on the account structure and the related mandates in a fast, reliable, standardised and automated manner.

About SWIFT

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect close to 9,000 banking organisations, securities institutions and corporate customers in 209 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

For more information, please refer to our websitehttp://www.swift.com/or contact:

SWIFT’s global press office at headquarters in Belgium
Euan Sellar, Head of Public Relations
E-mail:pressoffice@swift.com

Phone: +32 2 655 3377

News Source : EBAM - changing the future of corporate bank account management