SWIFT for Zanders EBAM Seminar, November 13th, 2012
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The document discusses the Electronic Bank Account Management (EBAM) Central Utility, which aims to standardize account opening and maintenance processes across multiple banks. It provides a centralized portal for corporates to manage their bank account structures and submit documentation to comply with banks' requirements. A pilot project tested the utility with 4 banks and 8 corporates. It confirmed the value of centralized validation of messages and documentation. The next steps include releasing an updated version of EBAM XML messages in 2012 and seeking approvals to develop and launch the full EBAM Central Utility in 2014.
SWIFT for Zanders EBAM Seminar, November 13th, 2012
- 1. EBAM Central Utility Carlo Palmers 13 November 2012
- 2. Electronic Bank Account Management (EBAM) SWIFT Solution: scope & status Account Opening Account Maintenance Mandate Maintenance Account Closing Account Reporting Existing Customers (no KYC)
- 3. Electronic Bank Account Management (EBAM) Objectives Today Tomorrow Paper Fax XML messages Supporting documents Personal Digital Signature • Slow • Low integration • Automated/STP • Dematerialised • Expensive • Low satisfaction • Standardised • Faster/cheaper
- 4. EBAM Standards Account Opening Message Flow Please, provide us with: - ABC’s certificate of registration - a passport scan for each of the 3 mandate holders - … Account Opening Request 3 Account Request Acknowledgement Company ABC J.P. Morgan, UK Account Opening I would like to open an The “legal representative” account with Additional Information Request of ABC has not been J.P. Morgan, UK. provided What kind of information Account Opening should I provide? Amendment Request Account Request Acknowledgement We confirm a new account Account Report has been opened for you. Please find the details enclosed 4
- 5. EBAM : current solution for multi-banking Standardised messaging solution in ISO 20022 XML Harmonised way to attach documents Corporates Banks Point to point exchange Multitude of vendor-, bank- and corporate applications Different requirements across jurisdictions Policies across banks also vary MULTITUDE OF DIFFERENT IMPLEMENTATIONS 5
- 6. Market survey EBAM Central Utility - Overview confirms appetite Administration Module Bank and country Requirements Database EBAM Portal Portal user Online application My (EBAM) Messaging and Standards EBAM Validation Module application SWIFTNet Internet A multi-bank portal for EBAM offers: Corporates Banks • Visibility and control on internal account • Better customer service structures and mandate holders, accross banks • Optimisation of EBAM processes: • Audit trail - cost/effort reduction • Full transparency of banks’ documentation (e.g. repetitive testing, outsourced development requirements of EBAM portal and simplified publication of requirements) 6 - end-to-end workflow orchestration
- 7. EBAM Central Utility Pilot project 4 banks: JPMC, RBS, Citibank, BNYM 8 corporates: GE, Fujitsu, SwissRe, … FileAct and EBAM portal users Pilot feedback Value of the central validation confirmed Value of variants validation confirmed EBAM portal avoids having to build an own application 7
- 8. What’s next? EBAM XML messages version 2 Development during 2012 Release of V2 before launch of EBAM Central Utility EBAM Central Utility Confirm co-funding agreements Board approval for development of EBAM Central Utility Q1 2014: Launch of live EBAM Central Utility ? 8