US financial services provider Bank of America Merrill Lynch has teamed up with identity authentication systems provider IdenTrust to provide an electronic bank account management (eBAM) system to the bank’s corporate clients, enabling them to open accounts, close accounts and modify bank mandates online.

Bank of America Merrill Lynch envisions using the Trust Prime eBAM system from IdenTrust and expects to join the IdenTrust Trust Network, allowing the bank to issue interoperable digital identities that can be used globally. Through these services, the bank account management process for clients can be fully electronic, a feature which is expected to reduce processing and support costs.

Bank of America provides individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. IdenTrust provides identity solutions to financial institutions, government agencies and businesses.