Source: BNY Mellon
BNY Mellon, the global leader in asset management and securities servicing, today announced the successful completion of commercial-scale pilot testing of SWIFT's Electronic Bank Account Mandate (eBAM)-based solution for electronic bank account management.
Carried out by BNY Mellon Treasury Services and SWIFT in collaboration with three global corporate users — General Electric (GE), Swiss Re, and a major multinational manufacturer — the pilot demonstrated the ability of SWIFT's eBAM solution to provide corporate users with a broad range of automated bank account management services, including account opening, closing and maintenance. Receiving files that originated from within the U.S. as well as from global locations, BNY Mellon delivered a production-ready pilot environment that allowed pilot participants to take full advantage of the SWIFT network.
A true end-to-end pilot that demonstrated BNY Mellon's commitment to innovation as a Treasury Services provider, the testing program enabled the three corporate participants to create, send, receive and update account management information just as they would in a live production environment. Message origination and exchange was facilitated through the use of an interface provided by Wall Street Systems.
"Our clients and partners all played a key role in developing an account management solution that is now production ready, and we're grateful for their participation," said Al Briand, managing director and head of global product management and strategic development for BNY Mellon Treasury Services. "The stature of our pilot program's participants indicates how important account management automation has become to SWIFT's corporate users. The pilot's success validates our confidence in a solution that reflects SWIFT's strong traditions of standardization and consultancy."
"The eBAM project illustrated how the transformation of bank accounts will be managed through the use of standards, secure connectivity and end to end integration to the bank and client systems. We appreciate the partnership with BNY Mellon, the corporate clients and Wall Street Systems to support the use of the eBAM standards in the industry," said Eileen Dignen, Managing Director, Banking Acg Accounts and Initiatives, SWIFT.
Dennis Sweeney, Deputy Treasurer, GE Treasury, provided a corporate SWIFT user's perspective on the pilot, saying, "The automation and straight through processing of eBAM messages through SWIFT will have significant value for GE Treasury's bank administration process including productivity gains with faster turnaround times from the banks and increased data security with the reduction of paper documents being passed between our organizations."