Electronic bank account management (eBAM), the process through which all bank account management is automated through the use of software, seems like a no-brainer in theory. Opening new bank accounts, adding or removing signatories, changing limits, or closing accounts via the click of a button sounds like a simple enough idea. Combine that with seamless and real-time connectivity between corporates and banks thanks to APIs, and you can imagine the potential value added for treasurers. Other areas of cash management have seen vast improvements by leveraging bank API technology, whether it’s accessing account balances in real time or initiating a payment and immediately getting feedback on its status and whereabouts.
So why has eBAM not been able to establish itself so far, despite the terminology being around for years and the clear value added for corporates and banks?
Read the article by Forbes Tech Council Member Peter Klein here