Opening and managing bank accounts is a challenge for companies. Regulatory provisions coupled with non-standardized and often complex communication, which in many cases is still paper-based, reduces efficiencies. 

When communicating with the bank throughout the lifecycle of an account, formats and communication channels play a particularly important role. Bank communication is often mentioned as a pain point and expense driver, along with the legally required know-your-customer (KYC) check when opening an account. The complexity is particularly high in the case of international corporations with a large number of bank accounts and subsidiaries. Standardization has been pushed forward in recent years, although implementation on the part of banks and customers has recently been hesitant.
 

This white paper provides an overview of electronic bank account management (eBAM) from a format and process perspective. It shows how the new MX formats for eBAM can contribute as a building block to optimizing the associated processes. Finally, possible implementation strategies are outlined.