Weiland Financial’s Bank Administrator Web (BAWeb) Produces First eBAM Message

Bannockburn, Ill - 24 March 2010

The Weiland Financial Group, Inc.’s Bank Administrator Web (BAWeb) solution has produced its first XML electronic Bank Account Management (eBAM) message. eBAM, an initiative of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and other industry stakeholders, embodies a standardized set of bank account management messages that allow corporate treasurers to communicate and complete electronic account opening, modification, and closing requests with their banking partners. Until now, these requests have depended on manual, error prone, paper based processes. By communicating account requests electronically, eBAM will reduce the time required for account management tasks from weeks to hours, saving banks and corporations’ time, money, and mistakes.

By producing its first eBAM message, The Weiland Financial Group’s bank account management solution, BAWeb, has taken a big step forward in making eBAM a reality. The XML message created by the system, which was an electronic request to open a new bank account, could have been transmitted by a corporate treasurer to his or her bank over the any number of secure networks, including the SWIFT network.

While a number of banks have committed to the standard, banks are not widely accepting standardized eBAM messages at this time. With its announcement today, Weiland Financial hopes to change this.

“Much like the BSB and the 822 before it, we are looking to lead adoption of this revolutionary new standard,” said Steve Weiland, Chairman of The Weiland Financial Group, Inc. “The banking and corporate worlds embraced the potential of eBAM from the start, but ultimately, its widespread acceptance depends upon real-world solutions putting potential into practice. By offering an eBAM ready solution, The Weiland Financial Group is doing just that, We are confident that BAWeb with eBAM will speed adoption of this exciting new standard and help banks and corporations realize eBAM’s many benefits sooner rather than later.”

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