Citi builds out global eBAM service and cross-border payments
Citi has expanded its electronic bank account management service to 55 countries, in a move that the bank says will help corporate treasurers to better manage risk. The bank also expanded its cross-border WorldLink payment service into new emerging markets.
The Citi eBAM tool allows users to create and track requests for maintenance, account openings and signatory management of their Citi accounts. The idea is to reduce the amount of paper documentation and duplicate communications by making the process electronic. By connecting users directly to Citi’s back end processes, eBAM is also designed to enable self-service of the account administration process – potentially driving up productivity.
“The expansion of eBAM’s network to 55 countries is a significant step for Citi,” said Rajesh Mehta, regional head of treasury and trade solutions EMEA at Citi. “eBAM helps our clients to bring efficiency and convenience to their account management needs around the world. This solution is easy to use, distinguishing it in the marketplace. eBAM is essential to our digital bank strategy.”
According to Swift, bank account management today is typically a manual and paper-based process. eBAM covers the electronic opening, maintenance and closing of accounts, and the reporting on account and mandate structures. A higher level of automation is generally desired as a way to allow banks and corporates to reduce costs and increase processing speeds.
Citi launched eBAM in 2009, and has since made it available via CitiDirect BE, its electronic banking platform, in North America, Europe, the Middle East, Africa and Asia Pacific. eBAM is part of Citi’s Treasury and Trade Solutions business.
Earlier this month, Citi’s Treasury and Trade Solutions unit also rolled out an expansion of its WorldLink payment service, expanding the number of same day and next day available currencies as well as its overall global access to reach a total of 140 currencies, including new emerging markets. The cross-border offering was expanded to include India, Mexico and Poland. In addition, Citi launched Treasury Vision Liquidity Manager, a tool designed to make it easier for clients to manage global liquidity through web-based customisable views of their pooling structures and cash balances within the pools.
“WorldLink’s capability expansion brings our clients smarter, faster and more efficient cross-currency payments solutions and this innovation is enabled by Citi’s global reach, expertise, and network,” said Karin Flinspach, head of payments and receivables EMEA at Citi.