Bank of America Merrill Lynch announced that its electronic bank account management (eBAM) service is now available to a wide range of corporate and commercial clients in the United States and Europe. The extension of service follows a successful yearlong pilot with several early adopter clients.
eBAM is an integrated global application that helps automate and standardize the opening, closing and maintenance of bank accounts, treasury services and bank record of legal entities. eBAM facilitates the addition and deletion of authorized signatories and the digital execution of documents using e-signature technology, virtually eliminating the need for ink signatures. In addition, reporting capabilities provide an audit trail of account management activities as well as a view into account signatories. Clients gain control by checking the status online and receiving email notifications regarding eBAM activity.
“Our early adopter clients have served as eBAM pioneers and have been able to influence the evolvement of our eBAM development,” said Tom Durkin, global head of integrated channels for Bank of America Merrill Lynch. “As our eBAM pilot clients have come on board and begun experiencing its benefits, we have had a number of other clients express interest in pursuing eBAM with us. We are now open for more eBAM business and aggressively moving forward with signing up additional clients.”
eBAM is one of a suite of technology solutions that Bank of America Merrill Lynch provides for clients through CashPro Connect™, its file-based global integration solution that facilitates the host-to-host exchange of information, encompassing any payment origination and reporting reconciliation. A key aspect of CashPro Connect is its focus on utilizing industry standards established through the ISO 20022 focus on XML messaging.
“CashPro Connect is the bridge between the online space and the file continuum, covering traditional host-to-host to SWIFT Corporate Access capabilities, so clients can harness the full power of technology,” said Cindy Murray, head of Global Treasury Product Infrastructure, Platforms and eCommerce for Bank of America Merrill Lynch. “Our development of a web-based eBAM solution, as well as support of the ISO 20022 standards, puts Bank of America Merrill Lynch at the forefront of the eBAM offering.”
In a related announcement, Microsoft Corp. today said it had completed a collaborative effort with Bank of America Merrill Lynch and Citi to become the first corporate treasury to implement ISO 20022 XML standard, version two, for cash management financial messaging. This provides a common language for Microsoft to receive electronic bank statements from its global banking providers and is another example of the leading role Bank of America Merrill Lynch is playing through CashPro Connect in working with other industry leaders in establishing common standards.
“For global companies like Microsoft, receiving bank account information in the same format from multiple banks enables significantly streamlined financial operations,” Murray said. “We have leveraged our investment in the latest banking technology in order to be a leader in implementing the new international standards for communicating with clients.”
Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,800 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.