SWIFT's new Electronic Bank Account Management (EBAM) offering that 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, has gone live.
The offering focuses on areas of account opening, closing, maintenance and reporting. Bank account management, including mandate management, is currently a paper based process between banks and corporates. SWIFT claimed that 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.
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 standardised and automated manner.
The service went live after successful completion of the 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.