Bank account opening is slowly getting easier. Citi’s Treasury and Trade Solutions group has launched electronic document submission (“eSubmit”), a digital service that allows clients to complete the account opening process by returning electronic versions of account opening documentation rather than paper, in some Western European countries.
“This is an important advancement for Citi as we continue to execute against our goal to deliver a simple, streamlined, account opening process”, comments Sabine McIntosh, Global Head of Account Services Product, Citi Treasury and Trade Solutions. “By embracing the move toward digitization, and continuing our efforts to digitize our services, clients using eSubmit can be more efficient in managing their bank account management requirements.”
The new offering, to be rolled-out in phases to select Western European countries including Denmark, Finland, Norway, Sweden, Ireland, France, Jersey and the United Kingdom, aims to eliminate the paper intensive process of account opening while speeding-up the overall process of onboarding. The service will also offer clients an accelerated method to sign documents when account signers are geographically dispersed. The service was previously made available to pilot clients in the United States and Canada.
CTMfile take: eSubmit is a useful small step, but it doesn’t overcome the tortuous and repetitive steps in KYC which requires new levels of co-operation and standardisation that banks and corporates haven’t achieved yet.
Citi launches paperless account opening and full eBAM in North America
New features in the eBAM service include electronic submission of supporting documentation for account administration and signer management (Updated with figure)