SunGard AvantGard has launched an electronic bank account management (eBAM) solution, providing corporates with a web-based tool for the online management and storage of their bank accounts and related information. AvantGard eBAM leverages standards put forth by SWIFT and can integrate with any treasury workstation to help companies store and manage all of their bank account information in a single, centralised location.
Corporations are frequently challenged by a lack of process standardisation related to bank account management, from country-to-country, and even bank-to-bank. This can lead to inefficiencies, processing lags and high costs of maintaining accounts manually. AvantGard eBAM helps companies streamline the management of their bank accounts by introducing standard workflows and formats for corporations and banks to leverage when opening, amending, closing and maintaining up-to-date mandate and signatory information for bank accounts.
Susan Feinberg, senior research director at TowerGroup, said: “Operating in a global economy means that the majority of companies are maintaining numerous bank accounts throughout the world. However, communicating with these banks can often be complex considering the lack of standardised messages and processes that exist. eBAM is a great way for making the process of connecting to banks more efficient, as it introduces both automation, as well as a standard set of messages for optimising this communication.”
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