With Elcimaï Financial Software, eBAM becomes multi-bank

ELCIMAÏ Financial Software now offers an eBAM module as part of its e-banking solution (WeBank). The WeBank app is the first e-banking app to offer multi-bank eBAM management. A true revolution.

What is eBAM ?

eBAM (electronic Bank Account Management) enables the electronic management of bank accounts. It involves managing, via an application, the following activities between a company and its bank : opening bank accounts, maintaining bank accounts (managing account signatories or limits), closing bank accounts, and generating reports as required by law or regulation.

Why eBAM ?

This concept, created in 2009, followed a preliminary survey that began in 2007 to gather the needs of the SWIFT community. This survey revealed frustration among banks and companies regarding the complexity of manual processes for opening, closing, and managing bank accounts. Following this finding, a working group was formed to define the specifications for implementing a process to digitize the management of banking powers of attorney. This service is intended to significantly reduce the administrative processes of companies and banks that still rely on paper-based and manual procedures, thereby creating an unproductive work environment prone to errors.

For example, here is a non-exhaustive list of tasks that result in a substantial waste of time for companies and banks : filling out paper forms or manually entering information, processing voluminous and scattered information and documents, time-consuming searches for information, manually tracking changes made to accounts, adding, modifying, or removing a signature authority, …

These repetitive tasks related to bank account management—which are often sources of errors, data loss, additional costs, and financial risks—force banks and treasurers to divert their attention away from more strategic matters.

Who is eBAM for ?

Contrary to what one might think, eBAM is not reserved solely for large international groups. In fact, this feature, accessible via EDI, is also available through e-banking. From the web, the company can monitor and manage its banking authorizations.

Thanks to the availability of information across the various channels accessible to the company (SWIFT, EBICS, e-banking, etc.), account management has become significantly simpler. Each department within the company can monitor changes to its banking authorizations in real time and update them as needed.

Today, banks can offer services via the web or EDI that include multi-bank account reconciliation, account aggregation, the eBAM service, and many other features. This allows the company to take advantage of these functionalities without having to overhaul its IT system.