BANK OF AMERICA
New Option Available Through CashPro® Payments Offers Ease of Use, Reduced Cost and Improved Efficiency
Bank of America Merrill Lynch, a leader in global payments, has announced that a new payments capability is available on CashPro® Online, the company’s worldwide banking portal. Corporate and government clients of all sizes utilizing CashPro can now transact with low-value cross-currency payments, and realize reduced costs and improved efficiency through the CashPro Payments module. The new capability, launched in February this year, allows CashPro users to make low-value payments into 29 countries.
“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,” said Ather Williams, head of Global Payments and Global Transaction Services (GTS) Strategy. “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.”
“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,” said Cindy Murray, head of Global Treasury Product Platforms and eChannels. “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.”
CashPro Payments also offers clients the option to initiate cross-border ACH payments from a number of currencies. For example, U.S. ACH payments can be made from accounts in Australian dollar, Canadian 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 allows companies to make recurring low-value cross-currency payments that are either business-to-business or business-to-consumer.
The advantages of using CashPro Payments for low-value cross-currency payments include:
- By replacing wire payments, payees avoid the lifting fees associated with correspondent banks.
- By replacing checks, payees receive their funds in a more secure electronic environment.
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. Furthermore, the bank’s expertise in foreign exchange means that companies can make international payments in over 140 currencies covering more than 200 countries and territories.
Bank of America
Bank of America is a leading financial institution, serving individual consumers, small businesses, 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 49 million consumer and small business relationships with approximately 5,100 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active users and more than 15 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.
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