Opening and closing of accounts, setting up the related signature rights and collating the necessary documents is an everyday task for treasury teams. New international standards for all business workflows between corporates and banks aim to significantly reduce the amount of work required in this area. With the “Electronic Bank Account Manager” (eBAM) for MultiCash®, you can and directly exploit the potential of these standards and relieve your treasury team of much of their daily administrative overheads.
EBAM covers all tasks in the account lifecycle from account opening to account closure, including the entire KYC process. The solution allows you to consolidate account management to a single, central platform, which delivers clear and transparent reports on signature rights for accounts. At one glance, you can then see which accounts each colleague can access and then check the signature rights and the banking business for which he/she is authorized. This approach ensures compliance with typical audit requirements.
International corporates can use MultiCash eBAM to manage accounts for all branches and subsidiaries electronically. This eliminates the manual effort and the associated potential sources of error when setting up and deleting accounts and managing powers of attorney. The data required for communication with the banks can be sent either by mail merge, e-mail or in an acmt file, depending on the bank in question has automated the bank account management process. In addition, a powerful central document management is provided, covering all signatories, bank contracts, accounts and group companies.
For more information about our Electronic Bank Account Management solution, please visit our 'In Focus' page on eBAM.
For information on our overall solution for managing banking relationships efficiently (accounts, powers of attorney, fees and compliance checks), please visit our Bank Relationship Management page.