Financial services provider JPMorgan is to collaborate with Society for Worldwide Interbank Financial Telecommunication (SWIFT) on providing a new set of standards surrounding its Electronic Bank Account Management (eBAM) technology system for its corporate client base.
According to the bank, SWIFT’s technology helps corporate bodies manage a multitude of bank accounts across a variety of banking relationships.
The bank is supporting the roll-out of ISO 20022 eBAM across the financial services industry, which it claims can increase security and reduce the use of manual statements through improved processing services.
Lloyd O'Connor, managing director at JPMorgan Treasury Services, said that the initiative should prove attractive to both vendors and clients.
“JPMorgan sees eBAM as an important element to addressing the multi-bank interoperability needs of clients and we support the increased openness of the banking community toward bank agnostic channels. We believe it's a natural evolution of the industry,” he added.
Meanwhile, Luc Meurant, head of Banking, Supply Chain and Corporate Markets at SWIFT, said that the eBAM could potentially alter the “future of corporate bank account and mandate management”.
By Jim Ottewill
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