Bank Account Management is currently a very manual and paper-based process. EBAM - Electronic Bank Account Management - aims to help corporates and banks automate this process.
EBAM covers the electronic opening, maintenance and closing of accounts, and the reporting on account and mandate structures. Account maintenance includes the maintenance of the operational mandates on accounts. A higher level of automation will allow banks and corporates to reduce EBAM-related costs, and to increase the speed of processing EBAM instructions.
The SWIFT EBAM offering consists of a set of 15 ISO 20022 XML messages to capture standardised EBAM information that needs to be exchanged between banks and corporates. The offering allows corporates to attach electronic documents to these XML messages, and transport the messages with or without the attachments over FileAct. The XML messages and/or the attachments are digitally signed at personal level.