In a pioneering step, E.ON SE has opened its first accounts using a fully digitalized workflow, including KYC-checks. Within two working days, a number of accounts in different countries were set up. Omikron’s MultiCash Bank Relationship Management (BRM) was used to manage the process throughout.
"Our aim is to standardize the process for opening accounts and changing powers of attorney. This puts us on the path to full automation," explains Jens Otto, who is responsible for implementing the project in the E.ON Finance division headed by Verena Volpert.
By automating the account opening process including KYC checks on the bank's side, E.ON is hoping to improve efficiency and to reduce time and costs significantly. "We want to provide the banks with all the information they need to process our requests faster," explains Otto. For compliance reasons, the energy provider also wants an up-to-date overview of all the group’s bank accounts and related signatories at the push of a button.
Just over a year ago, E.ON launched an ambitious project together with e-banking solutions provider Omikron. The aim was to develop an EBAM tool that would fully cover the bank's KYC requirements at the same time. "We wanted to become much faster and more efficient in the process of managing bank accounts, put an end to the exchange of paper documents and at the same time also cover KYC", says Verena Volpert with hindsight.
The new solution is based on available SWIFT message formats. Specifically, it works with acmt files: E.ON automatically completes all necessary fields within MultiCash and then submits the instruction to the bank. "The bank connection can be made via SWIFT, EBICS or a Host-to-Host channel," explains Torsten Spieker, who is responsible for integrating eBAM into the E.ON world. MultiCash, with its integrated Bank Relationship Management suite, creates the necessary transparency and is also easy to adapt and enrich as new developments emerge. In addition, the solution helps to save costs by significantly reducing manual efforts. So it is already becoming clear that E.ON SE will be able to fulfil its ambitious goals.
"The existing range of services offered by MultiCash, the agile approach to meeting the challenges at the outset and a clear vision were the decisive factors in our decision for Omikron, after an extensive selection process," says Torsten Spieker. And Jens Otto adds: "We are looking forward to a long-term cooperation with our new partner".
E.ON SE becomes the latest DAX multinational to join Omikron’s MultiCash user community. Thomas Zimmermann, Managing Director of Omikron, comments: "Our strategy is to work closely with our customers to develop MultiCash continuously in line with the new digital opportunities, extending our market leadership in Transaction Banking. This will enable both multinationals and mid-corporates to standardize, automate and centralize their banking workflows, taking their banking relationships to a new level. "
E.ON is an international private energy company based in Essen, which focuses on the business areas of energy networks, customer solutions and renewable energies. As one of Europe's largest energy companies, E.ON plays a leading role in shaping a clean, digital and decentralized world of energy. To this end, the company develops and sells products and solutions for private, commercial and industrial customers. In fiscal year 2017, 40,000 employees generated sales of 38 billion euros. Around 32 million customers purchase electricity, gas, digital products or solutions for electromobility and climate protection from E.ON. More details can be found on www.eon.com.
Omikron is a leading provider of e-banking and payment factory solutions. Under the "MultiCash" brand, Omikron offers national and international corporates and service providers a central platform to exploit the opportunities of the digital age. Standardization, automation and monitoring of global cash flows using embargo checks and sanction screening meet internal and external compliance requirements. Interfaces to trading platforms, market data providers and ERP systems allow the analysis and hedging of risk positions. Bank Account Management and Bank Service Billing increase the efficiency of bank relationships. Customizable dashboards and flexible reporting form the basis of the Management Information System in MultiCash, which can be operated both on-premise and in the cloud.