Electronic Bank Account Management in Europe
4 providers listed on TreasuryMap
Electronic Bank Account Management (eBAM) represents the automation, through software, of the following activities between banks and their corporate customers: opening bank accounts, maintaining bank accounts such as changing account signatories or spending limit, closing bank accounts, generating reports as required by law or regulation. The technology that is commonly used to implement eBAM automation is defined by SWIFT and the ISO 20022 Standard for Update Financial Services Messaging.
Why eBAM matters for corporate treasurers
Managing bank accounts by paper and email is slow, error-prone and a real fraud and audit risk, especially across many banks and jurisdictions. eBAM gives treasury a controlled, auditable, standardised process for the entire account lifecycle, and is increasingly expected by auditors and KYC teams.
What to look for when choosing
- SWIFT and ISO 20022 (acmt) message support
- Coverage of your banking partners
- Full lifecycle: open, maintain, close, mandates and signatories
- Audit trail, segregation of duties and approval workflows
- Integration with KYC and your TMS or ERP
- Reporting for legal and regulatory requirements
