Standardizing the data and processes for bank account management will provide a much faster and easier way for companies and financial institutions to communicate and even collaborate on account management and audit activity
PORTLAND, Maine (PRWEB) October 1, 2008
Today, corporate banking customers opening, maintaining or closing an account rely on costly, inefficient, paper-based processes. Banks and their customers are looking to speed up these processes by establishing a standard, electronic format to facilitate the account management and audit activity between a corporate organization and its financial institutions. Together with banks and corporate entities, Speranza is planning a pilot program for a set of XML SWIFT schemas to automate BAM messages. These schemas will also be initiated for approval as UNIFI (ISO 20022) standards by the ISO Standards Evaluation Group.
"Contribution from expert vendors such as Speranza Systems is definitely a plus for a project of this scope," said Richard Delvaux, Corporate Market Specialist at SWIFT, "Their experience implementing web-based solutions for treasury managers in large, global corporations is a unique asset to this project. No doubt that Speranza is providing the project team with a balanced view of both the technical and business aspects."
Studies show that on average, large organizations work with more than 20 banks. Currently it can take a corporation two to three weeks to open and activate a bank account and five to ten days to maintain or close an account. In today's fast moving economy these delays result in real losses in terms of money and customer satisfaction. Electronic Bank Account Management promises to enable all members of the financial community to improve productivity, reduce risk and eliminate errors. Importantly the introduction of standards will enable organizations of all sizes across all regions of the world to enjoy the benefits of a straight through process for bank account management.
"Standardizing the data and processes for bank account management will provide a much faster and easier way for companies and financial institutions to communicate and even collaborate on account management and audit activity," said Glen Solimine, chief executive officer of Speranza Systems. "Speranza's involvement in the project will accelerate the development of universal standards so that the promise of Bank Account Management can be truly realized. Both sides of the equation will benefit from reduced handling costs, more accurate records and reduced time spent on audit and compliance activities."
Development of the messaging standards will be done in XML. These messages are intended to be used in conjunction with various other formats and will be exchanged over a variety of networks so that banks and corporations can communicate effectively.
"We are committed to easing the pain for treasury managers and banks," said Solimine.
About Speranza Systems
Speranza Systems recognizes the complexities faced by mid–to–large size businesses and has built an enterprise–class framework to simplify and track complex financial relationships. Speranza Systems is defining bank relationship management to include control of the delegation of authority, execution of the appropriate mandates, business intelligence, automatic document generation, digital rights and digital signatures. Speranza Systems knows that the right tools can leverage regulatory requirements, cut through chaos and utilize electronic efficiencies to turn compliance into competitive advantage. For more information, please visit http://www.speranzasystems.com.
SWIFT is the industry-owned co-operative supplying secure, standardised messaging services and interface software to over 8,100 financial institutions in 208 countries and territories. SWIFT members include banks, broker-dealers and investment managers. The broader SWIFT community also encompasses corporates as well as market infrastructures in payments, securities, treasury and trade. Over the past ten years, SWIFT message prices have been reduced over 80%, and system availability approaches 5x9 reliability — 99.999% of uptime.