BNY Mellon and Pegasystems (Pega), a provider of business process management (BPM) software solutions, have completed a pilot program for SWIFT’s electronic bank account mandate (EBAM).
Reportedly, carried out by BNY Mellon treasury services and Pega in collaboration with a corporate client of BNY Mellon, the pilot showcases the potential of SWIFT’s EBAM solution to provide SWIFTNet users with a range of automated bank account management services, including account opening, closing and maintenance.
Al Briand, managing director and head of global product management and strategic development for BNY Mellon treasury services, said: “SWIFT’s EBAM initiative represents a uniquely collaborative response from the SWIFT community to a growing customer requirement, and we’re proud to play an important role in this program.”
Richard Delvaux, senior corporate market manager from SWIFT, said: “We believe that the delivery of the EBAM standards will foster process automation and be the catalyst for transforming the way corporates manage their bank accounts. Successful pilot programs like the BNY Mellon-Pega collaboration clearly demonstrate SWIFT’s ability to not just accommodate process automation, but to facilitate it in a user-friendly environment.”
