Citi Expands Global Electronic Bank Account Management to 22 Countries in Three Regions
eBAM Premier optimizes account management processes, increases security, and improves visibility.
Boston, New York, NY - November 8, 2011 – Citi announced today that its Electronic Bank Account Management (eBAM) solution, which leverages Digital Signatures and Workflows to enable clients to manage their Citi bank accounts electronically, is now available in 22 countries across EMEA, North America and Asia with plans for further expansion in 2012. Citi eBAM is currently available in the United States, Canada, Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Jersey (Channel Islands), Luxembourg, Netherlands, Norway, Portugal, Sweden, Switzerland, United Kingdom, Australia, New Zealand, Hong Kong, and Singapore. Citi continues to expand the eBAM footprint to countries that do not recognize Digital Signatures by integrating paper signed requests into the platform.
Citi eBAM Premier is a web-based application available through the CitiDirect® BE portal, Citi’s next generation Online Banking platform. Using Web 2.0 Design concepts for enhanced functionality and richer user interaction, this comprehensive electronic workflow tool makes it easier for clients to efficiently manage their global Citi accounts. eBAM Premier improves existing Account Management processes by decreasing reliance on paper documents and "wet signatures" and enhancing security and control through use of Digital Signatures.
"After an intensive pilot phase over the past 18 months, Citi has successfully rolled out our innovative Signer Management and Account Maintenance solution to 22 countries around the world," said Michael Berkowitz, Head of North America Liquidity & Channel Services with Citi Global Transaction Services. "Using Digital Signatures and electronic Authoritative Workflows, eBAM Premier is a transformational product for Account Management processes. This innovative offering is part of Citi’s ongoing commitment to provide clients with new technologies that help them to optimize their Treasury processes to achieve higher efficiency."
"Our goal is to provide solutions which are strategically relevant to our clients’ business priorities and operating models," said Naveed Sultan, Global Head of Treasury and Trade Solutions. "This expansion of our eBAM offering is an important step in the continued realization of delivering on that promise."
This cutting-edge solution enables Citi Treasury and Trade Solutions clients to centralize account administration or establish a Shared Service Center. eBAM Premier offers a secure, convenient and efficient means for maintaining records of all Citi accounts, legal entities and signatories, where clients and the bank view the same information.
Requests are routed automatically to the designated approvers in accordance with a client’s corporate policy and then electronically delivered to Citi for execution. The eBAM Dashboard provides reporting, request tracking, and alert notification features to increase visibility over the entire Account Management process.
Clients will receive the following benefits from eBAM Premier:
- Reduced risk through systemic controls and higher information security
- Enhanced visibility and real-time status of requests
- Reduced reliance on paper processes and processing times, allowing faster turn-around times
- Decreased data and transmission errors
- Lower cost and operating complexity
- Pre-populated forms and reuse of previously submitted documents
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2011, it held on average $365 billion in liability balances and $12.5 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com
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