Fintech giant SunGard has launched a Web-based AvantGard electronic bank account management (eBAM) system for corporations based on Swift standards.
The tool can integrate with any treasury workstation to enable firms to manage and store their bank accounts and related information from a single, centralised location.
SunGard says that firms currently suffer from a lack of process standardisation related to bank account management, from country to country, and even bank to bank, leading to inefficiencies, processing lags and high costs of maintaining accounts manually.
The vendor claims AvantGard eBAM helps companies streamline the management of their accounts by introducing standard workflows and formats for corporations and banks to use when opening, amending, closing and maintaining up-to-date mandate and signatory information.
Mike Shields, VP, product management, SunGard corporations business, says: "AvantGard eBAM can help companies gain control over bank account management, as it fosters connectivity by plugging companies into the Swift network and ISO20022 certified XML messages. Doing this will help standardize the way in which requests are communicated from corporations to their banking partners and help them promote efficiencies and mitigate risk."
Swift went live with its new standard for eEBAM in April following a successful pilot phase, involving the participation of three corporate customers, three banks and three software vendors.
Elie Lasker, head, corporate markets, Swift, adds: "The financial services industry urgently needs eBAM message standardisation, and seeing companies like SunGard adopting the Swift standards will further that goal."