In today’s corporate business, Account Lifecycle Management is still a highly manual process: opening and closing accounts, managing mandates and powers of attorney takes up a significant amount of time and energy for staff working in this area. Another demanding task is collating the necessary documents, including register extracts, from staff and public authorities and submitting these to the banks for legitimation checks. The MultiCash electronic bank account management (eBAM) package uses the latest international standards for automating the end-to-end business processes between corporates and banks. Once successfully implemented, this solution will reduce or even eliminate many time-consuming administrative tasks for your treasury. Functionality covers the entire account life cycle from account opening to account closure, ensuring that all necessary KYC checks can be integrated, too.
With eBAM you can manage all your corporate bank accounts via a uniform platform. A single click will generate a transparent report with all relevant account details and powers of attorney. This allows you to check at a glance which staff are authorized for each account, what power of attorney they have, and what specific rights they have for e-banking transactions. To complete the MultiCash eBAM package, a central document management is included. This consolidates the details of all authorized signatories, alongside bank contracts, account documents and corporate registrations, ensuring audit requirements are fully met.
The modularity of the solution allows it to be implemented step by step and gradually extended from a compliance-oriented, documentary bank account management (BAM) to a process-oriented, completely automated solution. This approach means that even small and medium-sized corporates will benefit from implementing the application.
To request, change and delete accounts and powers of attorney, standard formats are used. For connecting to the banks, a number of file transfer-based channels are possible. Examples include SWIFT, EBICS, Host-2-Host and Omikron’s MCFT (MultiCash File Transfer). Alongside this, bank-proprietary API interfaces are possible, as are traditional channels such as e-mail and postal service.