Why eBAM belongs within corporate online banking
Accordingly, software vendors have created specific solutions built
around eBAM, using which companies can open, administer, update,
transfer and close accounts online at multiple banks. But since this is
what corporate online banking originally set out to do, you might wonder
what's changed.
The difference lies in the scope - online banking restricted itself to providing a view of various accounts and creating a limited set of consolidated reports. In contrast, eBAM holds a much wider vision of corporate account management, which can be fully realized by doing the following:
• Rather than creating separate software, an effort must be made to integrate the existing corporate online banking solution with Swift so that it can follow all the transactional messaging standards laid out under eBAM. In practical terms, this means that the fields under the accounts management module of the online banking solution must be in sync with eBAM standards.
A point to note is that by doing so, the bank would also be able to 'push' a 360-degree customer view, available through its core banking solution, to the corporate customer via online banking.
Another advantage of enhancing the corporate online banking module to support eBAM standards is that it brings the direct banking facility also to small and medium business customers. Today, only individuals can open an account, entirely online, on a bank's direct banking portal. Through eBAM, banks can allow even small and medium-sized businesses to do so. While this may still require some paper documentation and back-end support, it considerably eases the account opening process, and signals a move towards full-fledged direct banking in future.
Clearly, it would be best if eBAM were to be a part of the corporate online banking module, and not a stand-alone solution.
The difference lies in the scope - online banking restricted itself to providing a view of various accounts and creating a limited set of consolidated reports. In contrast, eBAM holds a much wider vision of corporate account management, which can be fully realized by doing the following:
• Rather than creating separate software, an effort must be made to integrate the existing corporate online banking solution with Swift so that it can follow all the transactional messaging standards laid out under eBAM. In practical terms, this means that the fields under the accounts management module of the online banking solution must be in sync with eBAM standards.
A point to note is that by doing so, the bank would also be able to 'push' a 360-degree customer view, available through its core banking solution, to the corporate customer via online banking.
Another advantage of enhancing the corporate online banking module to support eBAM standards is that it brings the direct banking facility also to small and medium business customers. Today, only individuals can open an account, entirely online, on a bank's direct banking portal. Through eBAM, banks can allow even small and medium-sized businesses to do so. While this may still require some paper documentation and back-end support, it considerably eases the account opening process, and signals a move towards full-fledged direct banking in future.
Clearly, it would be best if eBAM were to be a part of the corporate online banking module, and not a stand-alone solution.
