Treasury Management Internation Logo

Industry collaboration speeds adoption of Electronic Bank Account Management


Banks and application vendors working together to bring corporations live

Las Vegas, 28 October 2013 — SWIFT, the financial messaging provider for more than 10,000 banking organizations, securities institutions and corporate customers in 212 countries and territories, today announced, at the AFP annual conference, that Electronic Bank Account Management (EBAM)  continues to get industry focus with corporations going live with multiple banks.

Bank of America Merrill Lynch (BofA Merrill), Citi, JPMorgan and SWIFT have been collaborating to advance EBAM as part of the G.R.e.A.T (Global Rapid eBAM Adoption Team) Project which provides market experience to the on-going Common Global Implementation (CGI) EBAM workgroup.  Other key participants in the project include USI Insurance, and application vendors Weiland/Fiserv, e5 Solutions Group and SunGard. All contributed to the ongoing industry effort resulting in EBAM going live to support daily treasury operations.

“EBAM will help our company streamline processes and gain efficiencies through standardized and automated account management.  The collaboration and innovation between the banks and application vendors has been instrumental to the project’s success and will continue to promote industry adoption,” Nancy Colwell, Director of Treasury, USI Insurance.

“Collectively, we focused on what was required for corporations to go live in a multi-bank scenario. At the same time, the group experience will allow us to prepare for future iterations of EBAM. This experience is being shared with the CGI workgroup to continue the momentum of growing global adoption of EBAM,” said Cindy Murray, head of Global Treasury Product Platforms and eChannels, BofA Merrill Global Transaction Services.

Hubert J.P. Jolly, Global Head of Channel and Enterprise Services, with Citi’s Treasury and Trade Solutions said, “As clients continue to digitize their business processes, this milestone highlights Citi’s on-going commitment to EBAM and the use of ISO XML. Citi went live with EBAM in 2009 and have successfully worked with many key multi-national clients to improve their bank account management process.  This is a great opportunity to provide value through standardization and to increase EBAM adoption across the industry.” 

“Our mission was to help multiple clients, banks and vendors productively use eBAM in their daily operations.  While unique in the approach, working together was critical to our mutual success,” said Glen Solimine, Executive Director, J.P. Morgan and EBAM workgroup Coordinator for CGI. “EBAM truly benefits from the network effect. With broader adoption by all parties, the value to each participant increases.” 

“Collaboration among all players has been critical to the project’s success. Companies going live with multiple banks using EBAM standards is a key milestone for the industry. The next phase will focus on furthering adoption, including on-boarding more corporations and banks and expanding to more regions.  This project is the basis for us to continuously enhance the quality, effectiveness and efficiency of electronic bank account management standards,” stated Stacy Rosenthal, Director, Corporate and Banking Initiatives, SWIFT.

EBAM fully automates the management of accounts, including mandates, and facilitates the integration into back-office applications (TMS, ERP, HR-databases, etc.). It will sync the customer’s and bank’s views on account structure and related mandates in a fast, reliable, standardised and automated manner. Bank account management – including mandate management – is currently a paper based process between banks and corporates. Moving this activity to EBAM will lead to significant cost and time savings, and ensure there is a consistent view on account structure by both parties.

The Common Global Implementation (CGI) initiative provides a forum for financial institutions (banks and bank associations) and non-financial institutions (corporates, corporate associations, vendors and market infrastructures) to progress various corporate-to-bank implementation topics on the use of ISO 20022 messages and other related activities, in the payments domain.

Most recent episodes

Trends in RFPs and RFIs: What Treasurers Want

Eleanor Hill (TMI) invites Dick Oskam and Bert Van Drie (ING) into the TreasuryCast hotseat to find out what trends treasurers want to see emerge from the Request for Proposal (RFP) and Request for Information (RFI)...


Creating a Connected Financial Office

When data flows are connected, it’s so much easier to make quick and accurate decisions. This is the principle behind the notion of the connected financial office. In this podcast, Gareth Priest (Bottomline Technologies) provides informed advice on how...


Journeys to Treasury: Managing Changing Perspectives

For this special edition of TreasuryCast, we showcase the results of the Journeys to Treasury 2021-22 report. Here, Jan Dirk van Beusekom (BNP Paribas) and Christian Mnich (SAP) offer Eleanor Hill (TMI) an informed view...


Cybersecurity for Treasurers

Cybercrime and fraud is on the rise and new attack vectors are emerging with alarming frequency. In this podcast, Nicolas Trimbour (BNP Paribas) and Laurent Sarrat (Sis ID) provide an overview of the latest tools and best practices treasurers should be employing...


A New Treasury Ecosystem: Open Banking, APIs, and BaaS

For this special edition of TreasuryCast, Eleanor Hill invites Peter Claus-Landi (GE) and Jared Smith (HSBC) to cover how key API-centric developments are changing the treasury landscape. With APIs significantly...


Using Data as the Corner for Finance Transformation

Many organisations face challenges in managing spend, payments, and cash effectively due to siloed processes and datasets across multiple departments. In this podcast, Ulrika Haug (Coupa) and Kim Estes (The Knot...


Realising Treasury’s True Value – A Strategy for Change

Join John Meehan (Froneri) to hear how Froneri utilised a year of no acquisitions and no meetings to implement a total transformation project through implementation of a TMS, unlocking the true value of his corporate...


Lessons from Innospec on Building a Strong Cash Culture

Without ready access to the key metrics of cash forecasting, Andrew Hawes (Innospec) knew the business could do little more than react to events. But without the collaboration of key stakeholders too, he knew that...


How to Make Your TMS the Ultimate Investment Tool

The right TMS can be a huge asset to treasury. But these one-stop shops often fall short when it comes to short term investment workflows. In this podcast, Ed Lopez, James Griffin (Calastone), Jeannot Jonas (Carrier...