Tag Archives: banking
Electronic Bank Account Management (eBAM) is a classic example of a win-win proposition. As the most manual, paper intensive interaction between corporate and institutional clients and banks today, the account maintenance process is inefficient, error prone and inherently slow.
Banks that invest in eBAM solutions will be able to reduce their operational costs, improve quality and responsiveness and meet an emerging demand from clients for innovative solutions that contribute to their bottom lines while also enhancing control. eBAM should be considered a fundamental component of an overall strategy to improve the client onboarding process, a response that TowerGroup sees as a critical differentiator going forward for the wholesale banking market.
Banks that take early action to roll out eBAM capabilities will be best positioned to respond to the projected rapid deployment of eBAM solutions on the part of their most valued corporate clients. eBAM is a game changer. Don’t be left out of the game.
I recently attended the 15th Annual Money Laundering conference to learn about recent trends, regulations, and challenges in combating financial fraud, money laundering, and complying with domestic and international laws including OFAC, BSA, AML, EU Directive on Money Laundering. At the end of the day, these are all inter-related to help locate and track the movement of funds for illegal purposes including terrorist financing, drug, and human trafficking. I was in a room packed with folks whose titles included Head of BSA/AML, VP of Compliance and Financial Fraud, Financial Securities Analysts, and wondered what kept them up at night. (more…)
Back in June 2009, the Financial Accounting Standards Board (FASB) published Financial Accounting Statements No. 166, Accounting for Transfers of Financial Assets, and No. 167, Amendments to FASB Interpretation No. 46(R), which changes the way entities account for securitizations and special-purpose entities. The new standards will impact financial institution balance sheets beginning in 2010 and will require substantive changes to how banks account for many items, including securitized assets that had been previously excluded from these organizations’ balance sheets. Banks affected by the new accounting standards will be subject to higher risk-based regulatory capital requirements. So what does it all mean and how much will it cost banks to comply? (more…)