From the February 2010 issue of Treasury & Risk magazine

Ready, Set, EBam

Processes must be automated for companies to achieve great efficiencies when SWIFT's connectivity for bank account administration launches.

EBam is coming and treasuries need to start preparing now by rationalizing their bank account structure and getting software to organize data and embed administrative processes, says consultant Craig Jeffery, managing partner of Strategic Treasurer in Atlanta. "If you use more than seven banks and more than 100 accounts, you probably need technology tools to manage the accounts," Jeffery says. "It's time to set up procedures that will make you ready for eBam," the standardized electronic bank account administration message set that SWIFT will make available later this year.

"With many banks and accounts and no software, you're wasting time and putting your company at unnecessary risk," he adds.

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