JP Morgan Treasury Services has rolled out its Electronic Bank Account Management (eBAM) tool, enabling clients to gain better visibility and control of the bank’s accounts worldwide.
The new tool will empower MNCs’ to electronically manage bank account related activities, such as opening and closing of accounts as well as account and signer maintenance throughout the lifecycle of an account.
Eliminating printing, signing, stuffing and mailing thousands of papers to many different banks in the event of companies’ merger and acquisition, the new system uses a closed loop process that can help assure consistency of records between an organization and its various banking partners.
J P Morgan Treasury Services executive director Glen Solimine said that eBAM delivers numerous benefits, such as reduction of paper and enhanced visibility and control of customer global bank accounts.
"Our clients now have the ability to leverage the technology investment they made in their electronic bank account management platforms and see successful integration with our network through ISO 20022 messaging," Solimine added.
The treasury business of the US bank offers services pertaining to cash management, trade, liquidity and escrow to over 135,000 corporations, financial institutions, governments and municipalities in over 180 countries and territories.