The Electronic Bank Account Management(eBAM) based on the exchange of standardized ISO 20022 XML messages, developed by SWIFT covers the process of opening, closing and changing bank accounts. eBAM provides complete integration with back office infrastructures such as enterprise resource planning (ERP), treasury management systems (TMS), and human resources (HR). This is expected to improve efficiency and reduce costs through automation and secure audit trails.
Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.
Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.
The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2