The main challenge for eBAM in Europe remains adoption, and success is in the hands of all the stakeholders -banks, corporate treasurers and software vendors.
To date, corporates' main expectations regarding eBAM – namely the "e" opening and closing of bank accounts, mandate management and reporting - have been addressed. But expectations evolve fast in our increasingly complex world, and corporates expect more targeted responses to manage sensitive areas like authorised signatories or else, the ability to set a maximum amount per operation.
While in the US the eBAM trend is well under way, a majority of European-based corporates still doubt whether eBAM can meet their needs. Whatever came first - the chicken or the egg - few European banks offered eBAM solutions until today with BNP Paribas launching 2 new eBAM solutions that are consistent with its existing e-banking solutions:
- An online eBAM offer --> Connexis eBAM - SaaS stand-alone solution
- A SWIFTNet File Act offer dedicated to SWIFTNet customers, which allows for the development of eBAM XML messages --> eBAM File Transfer
Focus on… Connexis eBAM
BNP Paribas Connexis eBAM solution goes way further than just catering for treasurers' standard BAM-related needs, and provides corporates with a host of benefits:
- Enhanced visibility on BNP Paribas accounts on their associated paper mandates, with the ability to export data for audit and reporting purposes.
- Simplified mandate management process and streamlined mandate change process, aligned with the life cycle of a company and providing a real-time view for each change request and the ability to perform mandate management tasks either centrally or locally.
- Improved security with the objective of reducing internal and external fraud.
- Increased control over internal BAM process, with an enhanced control over paper mandate changes.
Focus on… eBAM File Transfer
BNP Paribas has also developed XML eBAM ISO20022 standard, for an eBAM File Transfer solution through SWIFTNet File Act.
As a first step of launching its eBAM responses, BNP Paribas has implemented the mandate management messages and scenarios (acmt.010, 011, 014 and 017). The solution supports both versions 1 and 2 of the SWIFT eBAM ISO20022 standard, in order to be compliant with most clients and their software vendors.
Corporates’ file transfer requirements are:
- SWIFTNet File Act Connectivity. Other channels such as eBICS can be considered.
- All messages are signed with a 3SKey certificate.
- An eBAM software that is compliant with all aspects of version 1 or 2 of the eBAM standard (ISO 20022 messages, digital signature with 3SKey in DSIG standard format, attachment management consistent with SWIFT nomenclature), with the BAM project already done.