JP Morgan is teaming with SWIFT in support of delivering open architecture electronic bank account management (eBAM) standards to its corporate clients.
With this announcement, JP Morgan becomes one of the first banks to advocate the adoption of the ISO 20022 eBAM standard across the industry. The ISO 20022 eBAM standard streamlines the management of global bank accounts, especially valuable to multinational businesses that are managing hundreds of accounts across several banking relationships.
SWIFT’s eBAM initiative establishes a standard, electronic format designed to facilitate the account management and audit activity between a financial institution and its clients. Clients are able to open, maintain and close accounts electronically across its multiple banking partners, thereby reducing manual paper-based processes and improving security and controls through audit reporting of account management activity. Clients benefit from faster processing, accelerated response times and increased visibility into banking processes.
JP Morgan already has implemented eBAM for its clients that connect directly with the bank, thus eliminating the exchange of paper requests and replacing the need for ‘wet’ signatures. This model has proven to be cost effective and efficient for all participants.
Luc Meurant, head of banking, supply chain and corporate markets, SWIFT, said: “eBAM is a addressing a business area where paper and fax still rule. SWIFT expects this solution to facilitate automation, efficiency and cost reduction, both for banks and corporates. In combination with personal digital signatures, it has the potential to change the future of corporate bank account and mandate management.”
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