Fashioning Financial Efficiency: NEW YORKER’s Runway to Real-Time Account Reporting

Philipp Höfer (RBI): Our EBAM initiative provides a one-stop-shop experience and enables our customers to perform digitized account lifecycle management on accounts held within the RBI Group. By standardizing the process, NEW YORKER and future clients will experience enhanced efficiency, reduced paperwork and a significant decrease in errors. With the integration of EBAM Account Reporting, NEW YORKER has seen immediate improvements: real-time updates facilitate faster reconciliations, while management oversight becomes more stringent with less effort. 

Matthias Mölbitz, Head of Treasury (NY): Before implementing the RBI’s EBAM solution, we used specific forms based on MS Excel files for our bank account management. This led to many challenges in managing and reconciling our account information efficiently. Due to increasing digitalization and technological advancements in bank account management, transitioning to an EBAM solution became the most reasonable step for us. Thus, we decided to take a closer look at EBAM and initiated a project. A key deciding factor was the time and effort savings associated with the EBAM solution, as we aimed to eliminate the manual completion of various bank documents to optimize and accelerate processes such as account opening or the update of signatory details.

Matthias Mölbitz (NY): From the very beginning, we were able to work together with RBI on the first steps of implementing the EBAM. RBI is the first bank that we have connected to our EBAM solution, so we were able to support each other during the initial stages of this connection. RBI was able to help us in various aspects, especially with the EBICS connection and testing of the acmt-messages. Through regular dialogue, questions and problems could be answered and solved quickly and efficiently, which ensured a smooth onboarding.

Agnieszka Kwiatkowski (RBI): With EBAM Account Reporting, NEW YORKER has a central, streamlined platform that automatically updates account information, ensuring real-time reconciliation. This minimizes errors and helps maintain the integrity of financial records.

Ibrahim Filiz, Team Lead in Trade & Financial Projects (NY): That’s true, by utilizing the EBAM solution to send account reports, we were able to recognize a positive development in terms of data transparency between RBI and NEW YORKER. Through the secure exchange of EBAM reports, the system compares our master data with the data transmitted by RBI. This means that differences can be recognized immediately, and we were able to clarify errors with RBI, allowing for quick rectification. This process ensures that account data, assigned users, and their permissions are reconciled between RBI and NEW YORKER, enhancing data tracking, security, and compliance by quickly identifying and resolving discrepancies.

Ibrahim Filiz (NY): Of course, the time savings have to be mentioned. The EBAM Account Reporting provides a clear and concise reporting function that drastically reduces the time and effort required for audit preparations. We can now generate instant reports detailing account permissions, making it easier to comply with regulatory requirements. By automating critical aspects of bank account management, we have recognized an increase in operational efficiency, i.e. considerable time savings and reduction in manual labor.

Agnieszka Kwiatkowski (RBI): With the transition from traditional paper- and email-based reporting of account details and permissions to the secure EBAM system clients also significantly enhance their security. EBAM utilizes encrypted connections, ensuring that only a limited and authorized group of individuals can access sensitive account information. The solution also offers an efficient method for tracking signatory permissions, allowing customers to monitor which permissions are assigned to each user with account access. In the next phases of EBAM implementation, NEW YORKER will be able to effortlessly update signatory details, further enhancing their governance and control mechanisms.

Matthias Mölbitz (NY): We are aiming to handle the entire account management via the EBAM solution at some point, so that the process is completely digitalized. Above all, we are interested in changing authorizations, opening accounts and closing accounts together with RBI via the acmt-messages in the future. These processes in particular will make our work much easier and shorten all comprehensive processes. 

Philipp Höfer (RBI): This pilot project represents just the beginning. The EBAM Account Reporting feature is the first offering within a broader EBAM initiative that RBI is currently developing. This year’s launch of account reporting lays the foundation for a centralized rollout of account maintenance next year and, subsequently, account opening for all accounts held within the entire RBI Group.