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New Cloud-Based End-to-End Electronic Account Management Service Launched

The service offers new electronic bank account management through SWIFT and is the product of a partnership between Fundtech and Open Solutions Inc.

Fundtech, a transaction banking systems company that operates the world's largest SWIFT service bureau, and the corporate account management provider Open Solutions Inc. announced today that they are partnering to offer a new electronic bank account management service.

Users of Open Solutions' Weiland BAweb browser-based electric bank account management platform will now be able to connect seamlessly using the new service to their banks through SWIFT, allowing them to safely and securely send and receive electronic bank account management messages. This, the two companies said in a joint statement, will automate tasks such as opening and closing accounts, managing signatories and obtaining account information. This in turn reduces response time and increases a corporate treasurers control over their accounts.

The service is the first ever end-to-end cloud-based account management service and automates the entire account management process, improving security and streamlining transactions.

"By enabling accurate and real-time corporate-bank communications, the partnership allows Weiland BAweb clients to close the audit gap that has always existed between the company's records and the bank's records," Dan Gill, director of Corporate Solutions at Open Solutions, said in a statement.

In 2010 SWIFT adopted the financial industry's XML message standard ISO 20022. This single standard has helped corporations automate their account management across all of their banking relationships. Fundtech and Open solutions suggest that this single message standard will lead to strong growth in electronic bank account management in the coming years and so partnered to offer up this new service.

[See Related: J.P. Morgan, SWIFT Unveil Message Format for Corporate Account Changes]

"Corporate treasuires can now take full advantage of SWIFT's global financial network to obtain true global cash visibility, enhanced payments processing and reporting services from their SWIFT partner banks, all across the world," said Mary Ellen Putnam, Fundtech's executive vice president of US BAnking Products, in a statement.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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