Bank of America (Charlotte, N.C.) today announced the full rollout of its its electronic bank account management (eBAM) service to corporate and commercial clients in the United States and Europe. This follows a year-long pilot with several early adopter clients.
According to the bank, eBAM is an integrated global application that helps automate and standardize the opening, closing and maintenance of bank accounts, treasury services and bank record of legal entities. eBAM facilitates the addition and deletion of authorized signatories and the digital execution of documents using e-signature technology, virtually eliminating the need for ink signatures, BofA said. In addition, reporting capabilities provide an audit trail of account management activities as well as a view into account signatories.
The application is one of a suite of technology solutions that Bank of America Merrill Lynch provides for clients through CashPro Connect, its file-based global integration solution that facilitates the host-to-host exchange of information, which encompasses any payment origination and reporting reconciliation.