EBAM Central Utility

Carlo Palmers

13 November 2012

Electronic Bank Account Management (EBAM)

SWIFT Solution: scope & status

Account Opening Account Opening

Account Maintenance Account Maintenance

Mandate Maintenance Mandate Maintenance

Account Closing Account Closing

Account Reporting Account Reporting

Existing Customers (no KYC) Existing Customers (no KYC)

Electronic Bank Account Management (EBAM)

Objectives

Fax

Paper

Today Tomorrow

• Faster/cheaper • Standardised

• Dematerialised • Automated/STP

XML messages

Supporting documents

Personal Digital Signature

• Slow

• Expensive

• Low integration

• Low satisfaction

4

Please, provide us with:

- ABC’s certificate of

registration

- a passport scan for each

of the 3 mandate holders

- … Account Opening Request

Account Opening

Amendment Request

Account Report

Account Request Acknowledgement

Account Opening

Additional Information Request

3

Company ABC J.P. Morgan, UK

I would like to open an

account with

J.P. Morgan, UK.

What kind of information

should I provide?

The “legal representative”

of ABC has not been

provided

Account Request

Acknowledgement

We confirm a new account

has been opened for you.

Please find the details

enclosed

EBAM Standards

Account Opening Message Flow

5

Corporates Corporates Banks Banks

Standardised messaging solution in ISO 20022 XML

Harmonised way to attach documents

Point to point exchange

Multitude of vendor-, bank- and corporate applications

Different requirements across jurisdictions

Policies across banks also vary

MULTITUDE OF DIFFERENT IMPLEMENTATIONS

EBAM : current solution for multi-banking

6

Corporates

• Visibility and control on internal account

structures and mandate holders, accross banks

• Audit trail

• Full transparency of banks’ documentation

requirements

Banks

• Better customer service

• Optimisation of EBAM processes:

- cost/effort reduction

(e.g. repetitive testing, outsourced development

of EBAM portal and simplified publication of

requirements)

- end-to-end workflow orchestration

A multi-bank portal for EBAM offers:

SWIFTNet

Internet

Online

application

EBAM

application

Portal user

Messaging and

Validation Module

Bank and country

Requirements Database EBAM

Portal

My (EBAM)

Standards

Administration Module

Market survey

confirms

appetite EBAM Central Utility - Overview

7

Value of the central validation confirmed

Value of variants validation confirmed

4 banks: JPMC, RBS, Citibank, BNYM

8 corporates: GE, Fujitsu, SwissRe, …

FileAct and EBAM portal users

Pilot feedback

EBAM portal avoids having to build an own application

EBAM Central Utility

Pilot project

8

EBAM XML messages version 2 EBAM XML messages version 2

Development during 2012

Release of V2 before launch of

EBAM Central Utility

What’s next?

EBAM Central Utility EBAM Central Utility

Confirm co-funding agreements

Board approval for development of

EBAM Central Utility

Q1 2014: Launch of live EBAM Central Utility ?