Several banks and software providers have already taken initial steps to gain practical experience and have concluded that, in theory, the process offers considerable potential.
However, even if acmt messages were completed consistently by all parties, the method of transmission via API (Application Programming Interface) differs from bank to bank. This prevents the establishment of a nationwide standard, let alone a supranational one.
Nevertheless, it is already envisaged that subsidiaries will instruct the in-house bank to open accounts, while Trinity TMS enables and monitors the process. This will create a viable business case particularly for project-based activities, where new accounts are added to existing banking arrangements. By contrast, opening accounts with new banks is currently more difficult to automate because of the required KYC checks. Changes to authorised signatories and the closure of accounts via eBAM are also conceivable.
