Bank of America Merrill Lynch envisions using the Trust Prime eBAM system from IdenTrust and expects to join the IdenTrust Trust Network, allowing the bank to issue interoperable digital identities that can be used globally. Through these services, the bank account management process for clients can be fully electronic, which is expected to reduce end-to-end processing and support costs.
Cindy Murray, global corporate banking eCommerce executive at Bank of America Merrill Lynch, said: “Managing bank accounts can be a cumbersome, paper-intensive and time-consuming process. These new capabilities have the goal of providing transparency and simplified workflow while allowing our customers to make changes to their accounts in an accelerated fashion.
“Our plans with IdenTrust and anticipated launch of eBAM are another example of Bank of America Merrill Lynch’s ongoing investment in innovation and commitment to global expansion.”
Karen Wendel, CEO of IdenTrust, said: “Working with IdenTrust, banks can issue a single digital identity to a customer that can be used with any web-based application, across any network in more than 170 countries around the world. The digital identities are fully interoperable with other banks that are members of the IdenTrust network. We anticipate a close relationship with Bank of America Merrill Lynch as it launches its eBAM service.”
