SWIFT: Industry Collaboration Speeding Adoption of eBAM
Electronic bank account management (eBAM) continues to get industry focus with corporations going live with multiple banks, reports SWIFT.
The financial messaging provider announced at the Association for Financial Professionals’ (AFP) annual conference in Las Vegas that Bank of America Merrill Lynch (BofA Merrill), Citi, JPMorgan and SWIFT have been collaborating to advance eBAM as part of the Global Rapid eBAM Adoption Team (G.R.e.A.T) 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.
“Collaboration among all players has been critical to the project’s success,” said Stacy Rosenthal, director, corporate and banking initiatives, SWIFT. “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.”
“EBAM will help our company streamline processes and gain efficiencies through standardised and automated account management,” said Nancy Colwell, director of treasury, USI Insurance. “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.”
The 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.