Corporations are frequently challenged by a lack of process standardization related to bank account management, from country to country, and even bank to bank. This can lead to inefficiencies, processing lags and high costs of maintaining accounts manually. AvantGard eBAM helps companies streamline the management of their bank accounts by introducing standard workflows and formats for corporations and banks to leverage when opening, amending, closing and maintaining up-to-date mandate and signatory information for bank accounts.
AvantGard eBAM helps corporations to connect to their banks via Echos (AvantGard EcoSystem Communication Service) in order to route messages and facilitate the automation of bank account management. The solution can be used with or without SWIFT connectivity and is delivered in a software-as-a-service (SaaS) model that is built on SunGardâs Infinity Application Framework*.
Susan Feinberg, senior research director at TowerGroup, said, âOperating in a global economy means that the majority of companies are maintaining numerous bank accounts throughout the world. However, communicating with these banks can often be complex considering the lack of standardized messages and processes that exist. eBAM is a great way for making the process of connecting to banks more efficient, as it introduces both automation, as well as a standard set of messages for optimizing this communication.â
Elie Lasker, head of corporate markets at SWIFT said, âSWIFT welcomes SunGardâs eBAM solution. The financial services industry urgently needs eBAM message standardization, and seeing companies like SunGard adopting the SWIFT standards will further that goal. SWIFT is keen to ensure easy and secure messaging between banks and corporates that reduces costs and effort, and enables more efficient account managementâeBAM over SWIFT facilitates this.â
Mike Shields, vice president of product management for SunGardâs corporations business said, âFor many companies today, the function of managing bank accounts continues to be both manual and labor intensive, requiring the dedication of multiple staff members. This process generally lacks automation, frequently involving paper-based transactions undertaken via fax, mail, e-mail, and sometimes even in-person visits to local bank branches. AvantGard eBAM can help companies gain control over bank account management, as it fosters connectivity by plugging companies into the SWIFT network and ISO20022 certified XML messages. Doing this will help standardize the way in which requests are communicated from corporations to their banking partners and help them promote efficiencies and mitigate risk.â
* SunGard Financial Systems is pursuing a visionary initiative to transform some of the key functionality of its core systems into components creating software-as-a-service (SaaS)-based solutions. Infinity uses a service-oriented architecture (SOA) development framework, offers a business process management platform (Infinity Process Platform) and a virtualized, on-demand delivery infrastructure.