eBAM (electronic Bank Account Management)
eBAM : definition
The notion of eBAM (Electronic Bank Account Management) has been developed to describe the online management of bank accounts and bank account authorized signatory through a dedicated software. An eBAM solution is dedicated to manage:
- bank account opening
- accounts maintenance (signing authority, authorized limits…)
- account closure
The concept was created to reduce the current administrative processes with banks and to bypass the inconveniences of the traditional management of bank accounts, which lead to a substantial waste of time for groups such as:
- Filling paper forms
- Information processing and bulky and scattered documents (integration of an EDMS in the eBAM dedicated software)
- Time-consuming search for information from subsidiaries
- Manual tracking of changes on accounts
These repetitive tasks related to the management of bank accounts, error-prone, loss of information, additional costs and financial risks, force treasurers to neglect far more strategic issues.
To overcome these daily difficulties, DataLog Finance has developed a module dedicated to eBAM that can be included into the payment factory CashPooler, offering the possibility of a comprehensive centralized electronic management of all bank accounts of the group, from the opening to the closing of an account through delegations and money orders, contracts and conditions of sale, sending letters to the bank, etc.
Major issue of internal control and risk management, multi-account management of Authorities allows financial actors to save time and optimize response time by streamlining workflows and reducing the amount of paper.
The eBAM CashSolutions module provides a unified and consistent view of all accounts in the group management activity, including through reporting and statistics (available globally, by bank or subsidiary…).
Contracts and agreements with banks are gathered in the tool, making procedures with them clearer and more predictable and allowing better planning of workloads. The processing of requests made to banks is thereby accelerated and reduce response time, causing a reduction and a better cost control.