BANK OF AMERICA
New Payments Solution Targets Small- to Medium-sized Companies
Bank of America Merrill Lynch today announced the addition of CashPro® BillPay to the firm’s suite of payments solutions for business clients. CashPro BillPay helps small- to medium-sized companies move to a paper-free payments process that allows more automation, control and precision in payments timing and cash flow.
CashPro BillPay is fully integrated with CashPro Online, BofA Merrill’s client access channel designed to deliver the firm’s power through convenient access, with robust security features, to a broad range of comprehensive capabilities. It complements BofA Merrill’s existing payments products designed for clients ranging in size from large corporations to small businesses. CashPro BillPay is provided by BofA Merrill through a relationship with Bill.com, a leading business payments network company in which Bank of America has a partial ownership interest.
“With CashPro BillPay, small- to medium-sized companies now have an easy-to-use payments application that integrates seamlessly with most widely used accounting packages,” said Cindy Murray, head of Global Treasury Product Platforms and eChannels for BofA Merrill. “Instead of asking our clients to change the way they work to fit in with us, we are integrating our payments channels into the workflow in which they already operate.”
CashPro BillPay can make it easier for companies to move toward a more efficient, paperless operation by eliminating manual invoice processing and in-house paper check production. Through this tool, companies can easily upload invoices into the application, route them for approvals and schedule both electronic and paper payments. In addition:
“When our clients utilize CashPro BillPay, they are able to spend less time managing their manual accounts payable and payments processes and more time focusing on growing their business,” said Galen Robbins, head of Global Commercial Banking Transaction Services for BofA Merrill. “CashPro BillPay makes it easier for them to manage their routine payments, be more efficient and leverage their existing accounting packages. We can help our clients spend less time managing internal processes and more time growing their business and serving their clients.”
CashPro BillPay is being piloted with select clients and will be phased in on a state-by-state basis, with completion throughout the U.S. planned by year-end 2015.
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 50 million consumer and small business relationships with approximately 5,100 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users and more than 14 million mobile 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 approximately 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 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 broker-dealers and members of 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 2014 Bank of America Corporation. All rights reserved. Bank of America, Merrill Lynch, Broadcort and their logos are trademarks of Bank of America Corporation and/or its affiliates.
Visit the Bank of America newsroom for more Bank of America news.