BofA Merrill has announced that the availability of their eBAM service for a wide range of corporate and commercial clients in USA and Europe, after a year-long pilot with several early adopters.
The eBAM service, a global integrated application in BofA Merrill's CashPro Connect platform, automates and standardises the opening, closing and maintenance of bank accounts, treasury services and bank records of legal entities. eBAM facilitates the addition and deletion of authorised signatories and the digital execution of documents using e-signature technology. It also provides reporting capabilities, and audit trails. In their eBAM development, BofA Merrill has focused on developing a web-based solution based on ISO 20022 standards.
BofA Merrill is also playing a leading role in promoting common ISO standards. They have just announced the completion of their collaboration with Microsoft corporate treasury department (and with Citi) to implement ISO 20022 version two. This new messaging standard for cash management financial messaging will provide a common language for Microsoft to receive electronic bank statements.