Citi Treasury and Trade Solutions has launched paperless processing for both Account Opening and Maintenance on accounts in the United States and Canada.
This capability also provides a fully digital bank account management service for clients using eBAM via CitiDirect BE®, Citi’s proprietary online banking platform.
“This is an important milestone in Citi’s digital journey. With these enhancements, our clients will realize greater efficiencies and benefit from a more streamlined onboarding process,” said Michael Fossaceca, North America Region Head, Citi Treasury and Trade Solutions. “We will continue to innovate in this space and increase digital capabilities for our clients’ bank account management needs,” Fossaceca added.
Paperless Processing
Account opening and maintenance requests can now be completed with scanned documents submitted through secure email resulting in faster turnaround times for bank account management requests. As a result, Citi’s clients now have the advantage of rapid document exchange, digital document archiving and retrieval, and increased transparency. Clients can submit documentation to the paperless inbox for rapid capture into the workflow process. Electronic document submission also offers clients an accelerated method to coordinate documentation requirements where account signers may be geographically dispersed, thereby avoiding postal delays.
On eBAM via CitiDirect BE®, the new features include electronic submission of supporting documentation for account administration and signer management. eBAM is an easy-to-use web interface helping clients achieve cost efficiencies, reduce operational errors and drive productivity.
eBAM represents the automation, through software, of the following activities between banks and their corporate customers:
Opening bank accounts
Maintaining bank accounts such as changing account signatories or spending limits
Closing bank accounts
Generating reports as required by law or regulation
Historically, clients have highlighted manual bank account management as a major pain point. Citi recognizes the ongoing need for digitization and continues to make upgrades to eBAM. In today’s increased regulatory environment, eBAM can provide greater control to clients for managing their account administration processes.
Since launching eBAM via CitiDirect BE in 2009, Citi has continuously enhanced and expanded its proprietary service. Citi offers this service in 60 countries across North America, Europe, the Middle-East, Africa, Asia and Latin America for the benefit of multinational clients with their evolving global treasury needs.