Citi Treasury and Trade Solutions has launched paperless processing for both account opening and maintenance on accounts in the United States and Canada. This capability also provides a fully digital bank account management service for clients using eBAM via CitiDirect BE®, Citi’s proprietary online banking platform.
Account opening and maintenance requests can now be completed with scanned documents submitted through secure email resulting in faster turnaround times for bank account management requests. As a result, Citi’s clients now have the advantage of rapid document exchange, digital document archiving and retrieval, and increased transparency. Clients can submit documentation to the paperless inbox for rapid capture into the workflow process., see figure:
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Electronic document submission also offers clients an accelerated method to coordinate documentation requirements where account signers may be geographically dispersed, thereby avoiding postal delays.
eBAM service expanding
Since launching eBAM via CitiDirect BE in 2009, Citi has enhanced and expanded its proprietary service. Citi now offers this service in 60 countries across North America, Europe, the Middle-East, Africa, Asia and Latin America for the benefit of multinational clients with their evolving global treasury needs.
The new features in the eBAM service, which is delivered via CitiDirect BE®, include electronic submission of supporting documentation for account administration and signer management.
The eBAM service has an easy-to-use web interface helping clients achieve cost efficiencies, reduce operational errors and drive productivity.
CTMfile take: This is a welcome improvement to bank account opening and management. The sadness is that corporates still have to use a number of separate bank proprietary eBAM services as there is still little exchange of eBAM messages between the banks.
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