Bank of America Merrill Lynch Named Global Bank of the Year for Payments and Collections
Wins Eight Awards for Innovation and Excellence From Trade Publication TMI
Treasury Management International (TMI), a publication covering the transaction services industry, has named Bank of America Merrill Lynch its 2016 Global Bank of the Year for Payments & Collections. BofA Merrill won seven additional awards, all part of TMI’s annual Awards for Innovation and Excellence.
BofA Merrill was especially strong in the Payments & Collections category, winning three regional or country awards in addition to the global recognition. The full list of BofA Merrill awards is:
Global Bank of the Year for Payments & Collections
Best Bank for Payments & Collections, China
Best Bank for Payments & Collections, North America
Best Bank for Payments & Collections, South America
Best Bank for Cash & Liquidity Management, China
Best Bank for Cash & Liquidity Management, North America
Technology & Professional Award, Card Solution (third consecutive year)
Technology & Professional Award, Risk Management Solution
“Bank of America Merrill Lynch had a demonstrable commitment to innovations that are driving a change in client behaviour and opportunity,” TMI stated in its awards article. “Over the past 12 months, the bank launched a range of new solutions such as virtual account management, the next generation of virtual accounts, which supports both payments and collections, including SEPA direct debit collections.”
For Card Solution, BofA Merrill won for its Value of Cards web application, which models for clients the potential benefits of a business-to-business payment card solution. For Risk Management Solution, the firm won for its recently re-launched CashPro Flow product, which enables clients to pay, price or invoice goods and services in local currency without taking on foreign exchange risk.
“We are honored to receive these awards from TMI, which reflect our commitment to creating best-in-class solutions for our clients,” said Ather Williams, head of Global Transaction Services at BofA Merrill. “We look forward to continuing to explore and invest in new technologies as we help our clients and the broader industry prepare for the next generation of payment solutions.”
Bank of America
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 46 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 15,900 ATMs, and award-winning online banking with approximately 34 million active accounts and nearly 22 million mobile active 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 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 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.
Reporters May Contact:
Will Wilson, Bank of America Merrill Lynch, 1.980.388.3360