eBAM

Control & Streamline Opening, Closure & Maintenance of Bank Accounts & Signatories

Bank account administration can be inefficient, insecure and error-prone, and is usually based on manual and paper-based processes. In some cases the administration of bank accounts has grown out of control to the extent that corporate treasuries are unable to identify all group-wide bank accounts, or who has signing rights on them. As a result, the company’s true cash position may not be accurate, counterparty exposures are not adequately understood and with the possibility of signatories and mandate holders being months out of date, the business may be at serious risk of fraud.

The IT2 electronic Bank Account Management (eBAM) Solution is a single, central data repository that provides up-to-date visibility of group-wide bank accounts. It offers an audit-friendly, secure working environment for opening, closing, maintaining and documenting all bank accounts and mandates. Instantaneous electronic communications with the SWIFT network and banks, via secure exchange of ISO 20022 messages, enable the real-time update of signatories and bank account mandates. Non-SWIFT and traditional bank communications are also fully accommodated.

The IT2 eBAM Solution is a standard, integral component of the IT2 TMS. It is also available as a cost effective standalone solution to complement your existing treasury technology suite.

The IT2 eBAM Solution l Fast, efficient and secure Bank Account Management

Integrated reporting from a central data repository

• Single information repository for:
  • Bank details: including contacts, sample and complete application forms and contracts
  • Active account details: all key terms, agreements, mandates and contracted services
  • Signatories: personal and contact details, authorisation limits, specimen signatures and passport or ID scans
  • Account requests: opening, closing and maintenance request details and supporting documentation
• Real-time visibility through core system or web-based interface, IT2 NET

Workflows, controls and audit

• Visual, interactive secured workflows for:
  • Account opening, closing and maintenance
  • Signatory update and mandate management
• Real-time status of all pending requests
• One-click addition and removal of signatories across multiple accounts
• Systemic enforcement of key controls including segregation of duties and approval steps
• Self-generating audit documentation of all bank account management activity

Standardised electronic messaging

• Creation and transmission of ISO 20022-compliant XML messages
• Connectivity through SWIFT or direct bank connections
• Support for non-eBAM messaging including automated generation and transmission of letters and documentation
• Support for digital identity authentication (IdenTrust and 3SKey)

The IT2 eBAM Solution introduces central, group-wide visibility and control of bank accounts and bank mandate management.  It creates efficiencies by replacing manual, paper-based account processes and communication with streamlined, automated management processes and electronic communication.

Its secure, self-documenting workflows provide robust audit assurance, enforcing corporate governance (e.g. Sarbanes-Oxley) compliance.