BAML goes live with Ebam
Bank of America Merrill Lynch (BAML) is on the verge of reaping the benefits of a massive overhaul and integration of its IT systems. The bank has replaced multiple legacy systems with a new central payments hub and web-based customer portal on which it will be building a range of corporate product lines.
The first service to be offered over the new infrastructure is its electronic bank account management (Ebam) service, which was announced yesterday at Sibos. The formal announcement of the service follows a year-long pilot with a number of early adopter clients. “Our early adopters have served as Ebam pioneers and have been able to influence the evolution of our Ebam development,” said Tom Durkin, global head of integrated channels at the bank.
The Ebam service is one of a suite that will be offered through BAML’s CashPro Connect, a file-based global integration system that allows host to host exchange of information, encompassing payment origination and reporting reconciliation, using the ISO 20022 XML messaging standard.
CashPro Connect itself sits on top of a completely re-engineered payments system, in which a Fundtech Global PayPlus payment services hub has replaced multiple legacy payments systems.
Cindy Murray, head of global treasury product infrastructure, platforms and ecommerce for BAML, said this consolidation to a single platform has a number of advantages for customers, as well as for the bank’s internal operational efficiency.
The combination of the new CashPro Connect front end with the integrated platform means that it will be able to offer a range of enriched data services, adding more reporting and informational functions.
Around 150,000 users globally will be supported by the new platform, said Murray. From the end of this month, all new clients will be onboarded using the new systems, and the process of migrating existing users has already begun, using a range of tools to simplify the process for users.
“CashPro Connect is the bridge between the online space and the file continuum, covering traditional host to host to Swift Corporate Access capabilities, so clients can harness the full power of technology,” said Murray.
In a related announcement, Microsoft said it has become the first corporate to base cash management messaging in its treasury operation on ISO 20022 and XML in a joint initiative with BAML and Citi. This will provide a common language for Microsoft to receive electronic bank statements from its global banking providers.
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