There has been plenty of talk about electronic bank account management (eBAM) for the last few years, but not a lot of action. That changed in October, when Bank of America Merrill Lynch announced that one of its corporate customers, USI Insurance Services, was live on eBAM. Despite that achievement, bankers and vendors said that there is still much work to be done before the technology reaches its full potential.
Dan Gill, senior vice president at Weiland Corporate Solutions, a unit of Fiserv, compared the first message sent in October with the first phone call, describing it as eBAM’s “Alexander Graham Bell moment.”
“Now that we’ve got these messages flowing, we have had quite a lot of interest from other banks and from vendors,” he said, but noted that there is “still lots of work to do and still a lot of disagreements among the banks.
While eBAM is designed to reduce the work associated with bank accounts, preparing to adopt eBAM involves considerable work for companies.
What is the target audience for eBAM? Companies “with over 100 accounts, between 100 and 500 accounts, are certainly looking at it,” Durkin said. “But we have some clients that have less than 50 [accounts] that are using it.”