Consumers expect to be able to open banks accounts online, but corporations have just started to do the same with business accounts using an automated system that captured the gold for Wall Street Systems (WSS) and BNY Mellon.
In fact, several other organizations were involved in the award-winning pilot of the electronic bank account management (eBAM) system, such as the SWIFT network, which transmitted the required messages, and three large companies including Swiss Re.
WSS already had an application to automate bank-account maintenance, but its use was limited until the vendor asked SWIFT to provide connectivity between BNY Mellon and its corporate customers and create a standard to transmit eBAM messages. Companies can have hundreds of bank accounts, often split among several banks. But until eBAM, opening accounts and making other changes required wet signatures on multiple hard-copy documents, which then were tucked away in file cabinets.
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