For companies with hundreds of bank accounts, the processes involved in opening, closing and managing accounts are often manual, paper-based and prone to error and delay. Opening an account can take a week or longer to complete, while the records kept by banks and companies are rarely synchronized. This can leave businesses exposed to the risk of fraud if signatory information is not updated promptly once signatories have left the company. Consequently, the prospect of automating these processes using eBAM is one which interests many treasurers. Different flavours of eBAM are under development to suit the needs of different companies: while a number of banks have been building proprietary portals for web-based payments, a few have also been looking at the possibility of XML-based eBAM solutions for file payments. However, the development of eBAM solutions is progressing slowly due to the technical challenges involved. A few companies are piloting systems with their banks, or running live programmes but there is some way to go before this technology is widely available.
|André Casterman, Swift|
|Tom Durkin, BAML|