Electronic Bank Account Management (eBAM)
AvantGard eBAM helps automate the bank account management process and provides a workflow-based application with optional connectivity to facilitate electronic bank communications. This enables treasury professionals to introduce standard workflows for opening, closing and maintaining bank accounts, eliminating the need to spend the day filling out forms, calling local staff and banks, hunting down missing information and chasing unexecuted tasks. The functionality helps companies automatically generate documents, correspondence and electronic messages and deliver them via SWIFT or directly to banking partners.
When it comes to traditional bank account management, most treasury professionals waste too much time on manual, labor intensive tasks. Time spent chasing paper forms, tracking progress and sending reminders could be much better spent on other important tasks. With Treasury resources limited now more than ever, hours of the day must be carefully allocated. To be most effective, treasury professionals need to focus more on strategic issues instead of basic administrative tasks.
- Manual, labor-intensive, and repetitive processes
- Paper-based flows are error-prone and time-consuming
- Managing different documentation requirements across different banks
- Unmonitored and uncontrolled access to bank accounts
- Account-related information not centralized
- Audit reports are difficult to produce
- Increasing regulatory requirements (e.g., FBAR)
- Lack of connectivity and synchronization with back-office systems
- Automated system eliminates manual work
- Digitized processes reduce errors and save time
- Workflow engine controls access to accounts
- Centralized repository for account-related information
- Track all user actions to create audit reports
- Generates FBAR and similar reports for better regulatory compliance
- Automatic notification of changes can be sent to external systems
Under the hood: deployment models and back-office integration
AvantGard eBAM is available to corporations in two different deployment models. The most common model is Software-as-a-Service (SaaS), which eliminates discreet costs related to the maintenance of infrastructure, technical support and upgrades. The second model is a traditional on-premise deployment.
The solution can be purchased standalone or as an add-on to your treasury workstation. AvantGard eBAM integrates with any treasury workstation, payment factory, or ERP system and automatically sends notification of account changes to these external systems. The ease of deployment and integration helps many organizations that otherwise lack processes to keep multiple back-office systems synchronized. To ensure a successful deployment, SunGard also offers a full suite of services to assist with deployment, configuration, system integration and SWIFT messaging connectivity.