Electronic Bank Account Management within SAP 

FS² eBAM is a fully SAP integrated solution that improves processes governing bank account management (BAM) including eBAM (electronic bank account management), bank fee analysis and bank reporting for FBAR. Serrala’s solution is certified for integration with SAP S/4HANA and also functions with other systems like SAP ECC. 

Recent studies suggest that finance departments receive over 30% of their bank invoices and reports electronically and globally from numerous sources. This further complicates and duplicates efforts.  

FS² eBAM helps improve and modernize bank account management workflow and systems by reducing manual efforts, providing rigorous security and meeting international compliance requirements as well as regulations.  Additionally, our unique bank fee analysis module has the further advantage of reducing bank mischarging fees by over 15% in many cases. 

How Bank Account Management Works with FS² eBAM 

Centralized within your SAP system, our advanced bank account management solution FS² eBAM includes standardized, multi-bank electronic messaging that provides with maximum control, security and efficiency for managing bank accounts and signatories, reporting and bank fee analysis.  

It comes with the following four individual components: 

1. Bank Account Management: Central Control of Bank Accounts within SAP  

The FS² eBAM Bank Account Management component allows for the management, opening, closing and modifying of bank accounts and signatories centrally within any SAP system. It provides fast and accurate access to bank account information and an audit proof way to manage  global bank account activities. If changes need to be made to a bank account, such as raising signing limits for a signatory or allocating new authorization rights, this request can be quickly communicated to the bank.

Simply select the respective employee, enter the necessary changes in one central location and confirm the new information for the accounts concerned. The integrated bank account management templates and workflows make it easy to administer the processes from start to finish.

2. eBAM: Fast XML Messaging with Your Banks  

The eBAM feature manages communication with the banks securely without paper, using XML messaging and digital signatures. Like the Bank Account Management component, it centrally maintains the master data for all bank accounts and signatories in SAP systems, and enables faster communication via electronic XML messaging. It supports the latest version of XML acmt messages for direct communication of account opening and closing, mandate maintenance, etc. with the banks.

The component helps  achieve digitized, automated and straight through processes for the administration of bank accounts and signatories. It is secure due to robust workflows, digital signatures and a full audit trail. All changes are fully documented, complete with date, time and user. Only those users with respective rights can make these changes .The user authorizations and roles are fully integrated into the SAP security concept. This powerful out-of-the box solution provides  maximum flexibility to configure approval and data management processes according to  company-specific requirements. It therefore helps prevent fraud and achieves an end-to-end audit trail.

3. Bank Performance Analysis: Reduce Bank Fee Overcharges by 35%  

For most companies, assessing bank fees is an arduous manual task, if it is done at all, because bank fees are usually paid and billed in many different and inconsistent ways: paper, float, account statement and cross-subsidizing. In some cases, bank fees are not invoiced at all. The time consuming process of verifying individual bank charges, creates a group wide lack of bank fees transparency  and makes negotiating with banks to reduce these fees extremely challenging.

The Bank Performance Analysis component helps  automatically reconcile all bank bill items with agreed tariffs. XLM messaging is already widely used in the US with the ANSI X12 EDI 822 format, and is increasingly supported by banks worldwide with the Twist BSB and ISO 20022 camt.086 global formats. If electronic bank bills are not received, the solution can automatically consolidate all bank fees in regular electronic bank statements, determine the total bank fees and compare them to the agreed amounts. Once the analysis is complete and should any disputes arise, an automated dispute management feature enables the settling of any discrepancies with banks easily. Serrala customers report that by reducing overcharges, they have been able to save up to 35% or more in bank fees.

4. Bank Account Reporting: Simplified Global Compliance Reporting  

The Bank Account Reporting component simplifies the process of bank reporting as well as compliance with international regulations such as the US-specific Foreign Bank and Financial Accounts Report (FBAR). It uses the centrally maintained bank account data to automatically complete the required reporting fields, saving  time and simplifying compliance.

The report data is generated using the latest version of XML messages according to official standards (FinCEN Report 114 – FBAR). An FBAR workflow Manager, a user-friendly status overview and a calendar reminder function ensure straightforward, accurate and timely reporting for both corporate and individual filings. The reports are automatically archived in accordance with US regulations and guidelines.
 

Your Bank Account Management Solution of Choice 

The FS² eBAM solution is ideal for full central control of all companywide bank accounts and signatories, efficient processes, and standardized electronic messaging. It is embedded within SAP and certified for integration with SAP S/4HANA and systems such as SAP ECC. The solution manages all data within records systems while harmonizing and streamlining bank account processes. 

The ease with which our flexibly configurable dashboards with SAP Fiori apps provide you with an overview of all changes will leave you nothing short of impressed. With this highly automated solution we have set a new standard in bank account management and electronic bank account management.
Find out and request a demo now!