J.P. Morgan (JPM) Treasury Services today announced the availability of its Electronic Bank Account Management (eBAM) capabilities.
Multinational corporations manage thousands of highly trafficked bank accounts worldwide. Today's constantly changing business and regulatory environment brings with it the need to efficiently manage bank account details that can change on a daily basis. J.P. Morgan eBAM capabilities will allow clients to electronically manage the administrative requirements surrounding J.P. Morgan bank accounts, including opening and closing of accounts as well as account and signer maintenance throughout the lifecycle of an account.
"eBAM brings many benefits, including the reduction of paper and enhanced visibility and control of customer global bank accounts," said Glen Solimine, Executive Director, J.P. Morgan Treasury Services. "Our clients now have the ability to leverage the technology investment they made in their electronic bank account management platforms and see successful integration with our network through ISO 20022 messaging."
There are many instances where eBAM will be crucial for our clients, such as when a senior manager leaves a company, or if a company goes through a merger or acquisition. The traditional, paper process for updating signature authorities and account structures related to these activities may involve printing, signing, stuffing and mailing thousands of papers to many different banks. eBAM addresses the delays and inefficiencies inherent in that process, facilitating compliance with various regulations. eBAM standards facilitate a closed loop process that can help assure consistency of records between an organization and its various banking partners.
"The promise of true eBAM using the ISO standards has been out there for a long time. With the testing and piloting going on in the market in the last several years, we are happy to see J.P. Morgan offering an eBAM solution in a production capacity," said Jeanne Capachin, Research Vice President, IDC Financial Insights. "The fact that it's functional with clients' existing eBAM applications will prove to be a great way for customers to leverage the investments they have made in eBAM."