Bank of America Merrill Lynch's first pilot client, USI Insurance, has successfully used the file-based electronic bank account management (eBAM) system the bank offers.
The automated eBAM system lets corporate clients deliver requests to their banks to open and close accounts, pull account details and update signers, according to Bank of America's Monday press release. Messages are delivered via the FileAct transfer system from Swift, the Society for Worldwide Interbank Financial Communications.
"Providing timely account details directly to our clients using an automated query response method such as eBAM will significantly improve our client experience," Bank of America's Cindy Murray, head of Global Treasury Product Platforms and eChannels, said in the release. "We have always been a supporter of multi-bank industry standards solutions."