Banks need to be able to support any corporate’s eBAM requirements. Corporates (who work with multiple banks) would rather not invest in multiple IT projects to support eBAM. In addition, for banks to quickly onboard new corporate customers, it will be necessary to support any corporate’s eBAM requirements. As a result, what becomes critical is the bank’s ability to:
1. Accept and receive documents/forms from the corporate in any format, including word, pdf, or other non-XML formats
2. Support seamless integration to the bank’s back office
3. Provide the corporate with self-designed monitoring of the bank account management process (e.g. providing alerts based on the corporate’s specific rules)
Corporates require flexibility and the banks can provide that flexibility. This will enable the corporates and the banks to ramp up quickly together in electronic bank account management.