In November 2018, E.ON achieved a major milestone: Together with ING and the banking solutions provider Omikron, the energy supplier introduced a new tool that automates the process of opening a bank account. In addition, the tool paves the way for the digitization of the required know-your-customer process (KYC).
With the new Electronic Bank Account Management Tool (eBAM), an account can now be opened easily via Swift message. The required data for the KYC process is generated directly from the company's database and made available to the bank. E.ON, Omikron and ING are now working on expanding the digitization of account management and change of mandate in the next step.
More efficiency and transparency
Previously, the traditional process of opening an account had lasted several months, as a wide range of documents had to be gathered and reviewed. Thanks to the digital solution, E.ON was able to open the bank account in less than two days. At the same time, all documents required for the KYC process were digitally transferred. A further advantage: At the push of a button, E.ON has an overview of all accounts of the group and those with authorization to dispose of fund in the accounts.
To do this, all data and documents necessary for opening an account in different countries must be gathered in advance. However, the resulting database will only be fully applicable when more banks invest in the digitalization of KYC processes.
With its commitment to offer innovative solutions in all areas of transaction banking, ING took up the challenge to provide E.ON with the best possible support on its way to electronic bank account opening. To achieve this, an international team of experts from Frankfurt and Amsterdam was formed. Over the course of several workshops, the team, together with E.ON and Omikron, identified the key technical and regulatory requirements and then developed the innovative solutions.
ING's agile way of working, which has been in practice at ING Germany since mid 2018, also played a major role in this process. Thanks to agile methods, the international team was able to develop sustainable solutions within a very short time. In this process it was crucial that ideas could be tried out, adjusted and rejected just as quickly.