Bank of America Merrill Lynch (BofA Merrill) has expended its electronic bank account management (eBAM) service to a wide range of corporate and commercial clients in the US and Europe. The extension of service follows a yearlong pilot with several early adopter clients.
eBAM is an integrated global application that helps automate and standardise the opening, closing and maintenance of bank accounts, treasury services and bank record of legal entities. eBAM facilitates the addition and deletion of authorised signatories and the digital execution of documents using e-signature technology, virtually eliminating the need for ink signatures. In addition, reporting capabilities provide an audit trail of account management activities as well as a view into account signatories. Clients gain control by checking the status online and receiving email notifications regarding eBAM activity.
“Our early adopter clients have served as eBAM pioneers and have been able to influence the evolvement of our eBAM development,” said Tom Durkin, global head of integrated channels for BofA Merrill.
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