Wall Street Systems has acquired the assets of electronic bank account management (eBAM) specialist Speranza Systems. Financial terms of the deal were not disclosed.
Portland, Maine, headquartered Speranza offers a Software as a Service (SaaS) system for eBAM, enabling online opening, closing and editing of bank accounts, control of the delegation of authority, signer management, execution of mandates and automatic document generation and management.
Wall Street Systems says it will integrate the technology into its Wallstreet Suite and Wallstreet Treasury systems, as it seeks to take advantage of the fast-growing eBAM market.
By eliminating inefficient, paper-based practices for administering bank accounts and signature authorities, Wallstreet says its corporate and banking clients will benefit from reduced costs and greater efficiency.
Speranza CEO Glen Solimine has also been appointed head of sales for Wallstreet Treasury.
Paul Wheeler, MD,, Wallstreet Treasury, Wall Street Systems, says: "As our client base continues to grow and evolve, we are fortunate to have Glen Solimine's support of the Wallstreet vision along with his strategic expertise. In addition, the strength of the bolstered technology allows us to best manage complicated financial relationships, providing a valuable service to clients. We see this investment as an integral part of our strategy going forward."
A survey of corporate treasurers conducted by Finextra in 2009 found that almost half would switch banks to get better service, standardisation and automation through electronic bank account management processes.
Last week, banking co-operative Swift announced the live release of its eBAM messaging standard following a successful pilot phase, involving the participation of three corporate customers, three banks and three software vendors.