Digitalization of the entire account lifecycle with MultiCash eBAM

MultiCash eBAM - Digitalization of the entire Account Lifecycle

As a recent survey by the financial magazine DerTreasurer has shown, the digitalization of electronic Bank Account Management (eBAM) processes is at the top of the to-do list of many financial managers.

In addition to the unwillingness of banks to offer standardized and automatable interfaces, many treasurers complain that their electronic banking systems fail to provide the necessary support in the form of central databases and communication processes.

In a number of pioneering projects with selected corporate and bank customers, Omikron has eliminated these obstacles. The MultiCash product range has been extended to include an eBAM solution. This covers all tasks of the account lifecycle from account opening to account closing, including the entire KYC process. In addition, powers of attorney are managed, using a mapping based on standard formats. To exchange these formats, tile transfer-based channels such as SWIFT, EBICS, Host-2-Host and Omikron’s own MCFT (MultiCash File Transfer) are supported. If required, proprietary API interfaces of the banks as well as the traditional channels such as e-mail and mail can be integrated. A multi-stage implementation also allows small and medium-sized companies a step-by-step implementation; starting from a compliance-oriented, documentary bank account management (BAM) up to a process-oriented, completely electronic bank account management (eBAM).
In order to ensure that this solution is constantly maintained and developed, Omikron has set up a MultiCash working group consisting of representatives from DAX companies and well-known medium-sized businesses. One central objective is to promote cooperation with banks interested in such initiatives. By acting as a group, the corporates can provide an attractive business case for banks to invest in optimizing their digital eBAM interfaces. The MultiCash working group aims to build an active dialogue with other associations and initiatives in the eBAM and KYC area and welcomes new participants.