The Weiland Financial Group’s Bank Administrator Web (BAWeb) solution has produced its first XML electronic bank account management (eBAM) message.
eBAM, an initiative of SWIFT and other industry stakeholders, embodies a standardised set of bank account management messages that allow corporate treasurers to communicate and complete electronic account opening, modification, and closing requests with their banking partners. Until now, these requests have depended on manual, error-prone, paper-based processes. By communicating account requests electronically, eBAM will reduce the time required for account management tasks from weeks to hours, saving banks and corporations’ time, money, and mistakes.
“Much like the BSB and the 822 before it, we are looking to lead adoption of this revolutionary new standard,” said Steve Weiland, chairman of Weiland Financial Group. “The banking and corporate worlds embraced the potential of eBAM from the start, but ultimately, its widespread acceptance depends upon real-world solutions putting potential into practice. By offering an eBAM ready solution, Weiland is doing just that. We are confident that BAWeb with eBAM will speed adoption of this exciting new standard and help banks and corporations realise eBAM’s many benefits sooner rather than later.”
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