JP Morgan Treasury Services, a provider of cash management, trade finance and treasury solutions, has completed its electronic bank account management (eBAM) central utility pilot (E-CU). One of only four banks to participate, JP Morgan successfully implemented the programme with three major clients – MetLife, Fujitsu and SWIFT Treasury.
Multinational corporations typically manage thousands of highly trafficked bank accounts worldwide every day. Today’s constantly changing business environment brings with it the need to efficiently manage bank account details that can change on a daily basis. In its pilot scope, the E-CU successfully addressed two major financial industry concerns:
- The risk of different interpretation and usage of eBAM messaging standards.
- Account owners need to understand what information is needed for their eBAM instructions per country and per bank.
The E-CU pilot created a single multibank platform for multinational companies and correspondent banks to manage their bank accounts electronically, capitalising on industry standards for eBAM.
“Completing a global test across multiple channels, together with our corporate partners, is a tremendous accomplishment,” said Nick Donohue, managing director, JP Morgan Treasury Services. “JP Morgan has been a leader in establishing eBAM and 3SKey standards. The E-CU has the potential to help drive the adoption of, and adherence to, standards, which may eliminate the friction in the process and maximise the transformational opportunity that eBAM has promised to corporations and their banks alike.”
The pilot began in August and concluded in December.
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