The management of bank mandate information is currently a very manual and paper based process, leading to high costs, long delays and inefficiencies for both corporate treasury teams and banks. To help streamline this process BankSearch has launched a new web based service which helps corporates automate Bank Account Management.
BankSearch’s electronic Bank Account Management solution:
• is simple and easy to use
• update signatory contact details, authorisation limits, corporate addresses and other information associated with your bank accounts
• track the progress of bank account signatory amendments
• search for signatories and accounts
• provide authoritative reporting for corporate compliance needs
• is cost effective
Simon Anderson, Managing Director of BankSearch, said: “Firms with large numbers of bank accounts and signatories – such as multi-nationals and large corporates are likely to have a significant number of mandate changes during the year. It can be a real operational challenge to keep on top of all of these changes; absorbing resources which could be better used elsewhere and is open to human error. BeBAM is designed to make it easy for corporates to migrate and maintain their bank mandates using the new web based system without incurring high upfront costs. Most importantly it will help corporates reduce the amount of time spent on mandate management; it will provide more transparency between the firm and their banks and improve efficiencies through greater centralisation.”
If you are looking to improve operational performance by managing your mandates more effecitvely and reducing costs then visit our website www.BeBAM.co.uk to find out more or contact us on +44 (0) 1788 338321.