October 20, 2024 at 9:00 PM Eastern
BofA Extends Guaranteed FX Rates Up to 1-Year
NEW YORK, New York, SINGAPORE, and LONDON – Bank of America is simplifying the management of foreign exchange (FX) risk associated with cross-currency payments and receipts with the introduction of Guaranteed FX Rates of up to 1-year [1], the longest tenor available in the industry today. Using this strategic solution can help companies mitigate exposure to currency fluctuations and simplify treasury management processes such as forecasting and reconciliation.
“When F X risk is managed appropriately and efficiently, it can bring enormous value to companies that process large volumes of cross-border payments,” said Bhupen Velani, head of Transactional F XTrading in Global Markets at Bank of America. “As our clients’ business models have evolved, these volumes have increased, and so too has the appeal to lock in F X rates with longer tenors.”
In recent years, the volume and value of cross-border payments has continued to dramatically increase with much of the volume generated by businesses in the e-commerce, services, manufacturing and “gig” industries (companies and individuals engaging in short-term, project-based work). The growth is also being spurred on by innovations in technology.
This year marks the 8th year since BofA launched Guaranteed F X Rates beyond a 24-hour tenor. Key developments of the solution since then include:
“For corporate treasurers, volatile F X markets exacerbate the challenge of cash flow forecasting,” said Daniel Stanton, head of Transactional F X in Global Payments Solutions at Bank of America. “Securing guaranteed F X rates of longer tenors can help them improve forecasting, which will lead to better informed decision-making.”
Bank of America clients can access Guaranteed F X Rates through the CashPro® platform and via Swift with no additional technology changes required.
Last month, Euromoney magazine recognized Bank of America’s leadership in foreign exchange by naming it the World’s Best Bank for F X Payments. The publication noted Bank of America’s transactional F X business has “quickly risen to become one of the top three global players,” reflecting “the bank’s strategic vision, innovative products and global reach, enabling it to secure a strong market position and stand out in the competitive F X industry.”
CashPro is Bank of America’s award-winning digital banking platform accessed by over 550,000 users at 40,000 companies to manage and monitor their payments, deposits, loans, and trade finance transactions.
Bank of America is one of the world’s leading 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 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 A T Ms (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, 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 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (N Y S E B A C).
Louise Hennessy, Bank of America
Phone: one six four six eight five eight six four seven one
louise.hennessy@bofa.com
Sheryl Lee, Bank of America
Phone: one six five seven two three four nine nine five zero
sheryl.lee2@bofa.com
[1] Length of one year is subject to Bank of America T F X Trading approval.
October 20, 2024 at 9:00 PM Eastern
BofA Extends Guaranteed FX Rates Up to 1-Year
NEW YORK, New York, SINGAPORE, and LONDON – Bank of America is simplifying the management of foreign exchange (FX) risk associated with cross-currency payments and receipts with the introduction of Guaranteed FX Rates of up to 1-year [1], the longest tenor available in the industry today. Using this strategic solution can help companies mitigate exposure to currency fluctuations and simplify treasury management processes such as forecasting and reconciliation.
“When F X risk is managed appropriately and efficiently, it can bring enormous value to companies that process large volumes of cross-border payments,” said Bhupen Velani, head of Transactional F XTrading in Global Markets at Bank of America. “As our clients’ business models have evolved, these volumes have increased, and so too has the appeal to lock in F X rates with longer tenors.”
In recent years, the volume and value of cross-border payments has continued to dramatically increase with much of the volume generated by businesses in the e-commerce, services, manufacturing and “gig” industries (companies and individuals engaging in short-term, project-based work). The growth is also being spurred on by innovations in technology.
This year marks the 8th year since BofA launched Guaranteed F X Rates beyond a 24-hour tenor. Key developments of the solution since then include:
“For corporate treasurers, volatile F X markets exacerbate the challenge of cash flow forecasting,” said Daniel Stanton, head of Transactional F X in Global Payments Solutions at Bank of America. “Securing guaranteed F X rates of longer tenors can help them improve forecasting, which will lead to better informed decision-making.”
Bank of America clients can access Guaranteed F X Rates through the CashPro® platform and via Swift with no additional technology changes required.
Last month, Euromoney magazine recognized Bank of America’s leadership in foreign exchange by naming it the World’s Best Bank for F X Payments. The publication noted Bank of America’s transactional F X business has “quickly risen to become one of the top three global players,” reflecting “the bank’s strategic vision, innovative products and global reach, enabling it to secure a strong market position and stand out in the competitive F X industry.”
CashPro is Bank of America’s award-winning digital banking platform accessed by over 550,000 users at 40,000 companies to manage and monitor their payments, deposits, loans, and trade finance transactions.
Bank of America is one of the world’s leading 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 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 A T Ms (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, 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 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (N Y S E B A C).
Louise Hennessy, Bank of America
Phone: one six four six eight five eight six four seven one
louise.hennessy@bofa.com
Sheryl Lee, Bank of America
Phone: one six five seven two three four nine nine five zero
sheryl.lee2@bofa.com
[1] Length of one year is subject to Bank of America T F X Trading approval.
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