Bank of America Merrill Lynch taps IdenTrust to bring eBam to corporate customers
Bank of America Merrill Lynch is planning to rollout electronic bank account management (eBam) technology from IdenTrust for its corporate customers.
The vendor says its Trust Prime eBam system will enable corporate clients to open and close accounts, as well as modify mandates, online, boosting efficiency and cutting costs.
In addition, Bank of America Merrill Lynch "expects" to join the IdenTrust Trust Network, allowing it to issue interoperable digital identities that can be used around the world.
Cindy Murray, global corporate banking e-commerce executive, Bank of America Merrill Lynch, says: "Managing bank accounts can be a cumbersome, paper-intensive and time-consuming process. These new capabilities have the goal of providing transparency and simplified workflow while allowing our customers to make changes to their accounts in an accelerated fashion."
Recent research from Finextra found that for the majority of corporates, it takes more than one week to open a new bank account, and 44% would switch banks to get better service, standardisation and automation through eBam processes.
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