Yesterday (8th July, 2014), leader in global payments – Bank of America Merill Lynch – announced the availability of a new payments capability on their worldwide banking portal, CashPro Online.
“We’re pleased to add this new capability to CashPro Payments and extend the available options that clients have to initiate their cross-border low-value payments,” stated the head of Global Payments and Global Transaction Services (GTS) Strategy, Ather Williams, in a press release. “Companies, governments or institutions that send low-value payments to international payees now have the convenience of making those transactions through the same portal they use to initiate wire transfers, make domestic payments, view their cash positions and run reports,” he added.
- With this, corporate and government clients of all sizes utilizing CashPro can now transact with low-value cross-currency payments, says BoFA’s press release.
- They can also realize reduced costs and improved efficiency via the CashPro Payments module.
- The new capability, launched in February this year, enables CashPro users to make low-value payments into 29 countries.
- CashPro Payments also offers clients the option to initiate cross-border ACH payments from a number of currencies.
- As an example, the bank states that U.S. ACH payments can be made from accounts in Canadian dollar, Australian dollar, euro, pound sterling, as well as other funding currencies, thus avoiding the necessity to operate a U.S. account.
- With the new functionality, CashPro Payments enables companies to make recurring low-value cross-currency payments that are either business-to-business or business-to-consumer.
- In addition to this new CashPro Payments online option, clients may continue to use CashPro Connect (the BofA Merrill file-based channel) to initiate domestic and cross-currency payments.
- Bank of America Merrill Lynch offers a global suite of electronic and paper-based disbursement solutions to help companies optimize their working capital with greater precision and control.
- Solutions include: low-value payments (Automated Clearing House), wire transfers, cross-border payments and multicurrency payments, as well as card solutions and ePayables
- In addition, the bank states that companies can make international payments in over 140 currencies covering more than 200 countries and territories.
“In building this new capability, we are giving our clients the flexibility to manage their low-value cross-currency payments from whichever channel best suits their needs – either our online portal or through file delivery,” commented the head of Global Treasury Product Platforms and eChannels, Cindy Murray, in the same release. “It’s the latest development in the company’s ongoing investment in CashPro Online, which remains a signature capability of Bank of America Merrill Lynch.”
About the Bank:
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation.