Bank of America Merrill Lynch has successfully onboarded its first pilot client into production of a new file-based electronic bank account management (eBAM) system.
The new solution allows clients to use eBAM as the primary method to deliver requests to their banks to open and close accounts, pull account details and update signers.
It delivers messages using International Standards Organization 20022 XML guidelines through the FileAct system from SWIFT.
The client is USI Insurance and the company went through significant back office process changes and utilised a third-party vendor application once it joined.
Nancy Colwell, director of treasury at USI Insurance, said: "Choosing the right eBAM application vendor was critical, but it is also important to understand each bank's capabilities and experience early on."
Cindy Murray, head of global treasury product platforms and eChannels, said the provision of timely account details directly to clients using an automated query response method will significantly improve user experience.
By Tony Aynsley