BANK OF AMERICA
New Solution Uses SWIFT FileAct to Eliminate Paper Statement Distributions
Bank of America Merrill Lynch today announced it now offers electronic bank statements to clients who have SWIFT Standardized Corporate Environment (SCORE) membership. eStatements is the latest enhancement to BofA Merrill’s suite of offerings with SWIFT, which granted the firm Bank Readiness Certification last year and has subsequently certified approximately 40 BofA Merrill client-facing bankers in regions throughout the world.
BofA Merrill’s eStatements eliminate the paper or CD-ROM distribution of monthly bank statements to clients. Instead, the statement images are delivered electronically through the SWIFT FileAct file transfer system. BofA Merrill developed eStatements in response to a request from GE, which wanted to streamline its handling and storing of statements from over 14,000 accounts with over 100 banks. GE’s objectives were to reduce administrative burden, reduce compliance risk, reduce its carbon footprint and reduce its need to learn multiple bank electronic repository applications.
“Our development of eStatements was a collaborative effort with SWIFT and GE,” said Cindy Murray, head of Global Treasury Product Infrastructure, Platforms and eCommerce for BofA Merrill. “This new offering will simplify and automate the handling of statements and provide a blueprint for future efficiencies in any treasury team.”
eStatements is the latest example of the close working relationship between BofA Merrill and SWIFT, the member-owned cooperative through which financial institutions and corporations exchange standardized financial messages. The bank readiness and now individual employee certifications demonstrate to clients BofA Merrill’s commitment to helping them with SWIFT services for corporates such as payments initiation, cash management, foreign exchange confirmations, account reporting, electronic bank account management, trade services and 3SKey.
“By working closely together, BofA Merrill and SWIFT were able to implement an innovative solution to help GE's treasury department achieve operational efficiencies and reduce compliance risk,” said Elie Lasker, head of Corporate Market at SWIFT. “The eStatements project effectively eliminates the requirement to issue paper statements, and is therefore more reliable, cost-effective and environmentally friendly."
Bank of America
Bank of America is one of the world's largest financial institutions, serving 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. The company provides unmatched convenience in the United States, serving approximately 55 million consumer and small business relationships with approximately 5,500 banking centers and approximately 16,300 ATMs and award-winning online banking with 30 million active online banking users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
“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 (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered as broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.
Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
Copyright 2012 Bank of America Corporation.
For more Bank of America news, visit the Bank of America newsroom.