The Royal Bank of Scotland (RBS) and IBM have completed what they are claiming is a successful pilot of an Electronic Bank Account Management (eBAM) service.
IBM set up and created account openings using an XML standard before sending them to RBS via the SWIFT eBAM portal.
A total of four banks took part in the SWIFT pilot alongside seven corporate clients belonging to the financial institution.
In a statement, RBS said that a move to eBAM would help corporations connect directly with RBS via SWIFT’s network and remove the inefficiencies of paper-based account management.
Stephan Vandewiele, head of Global Client Services, Global Transaction Services at RBS, said: “The feedback from IBM regarding the pilot has been very valuable and positive and they can see that once in operation, such a service will allow them to gain efficiencies globally, which will enable further control and visibility of their accounts.
“As part of the pilot, RBS has also tested account openings in the Germany, France and the UK.”
RBS has worked on the development of an ISO 20022-certified, bank-agnostic XML standard as part of the pilot.
By Jim Ottewill