BofA Merrill Named an Innovator by Global Finance Magazine
Recognized in Three Categories: Foreign Exchange, Trade Finance and Transaction Services
Bank of America Merrill Lynch has received recognition from Global Finance magazine in the publication’s program, The Innovators 2016, which recognizes innovations in trade finance, corporate finance, transaction services, and foreign exchange. BofA Merrill was named an innovator for its original products and solutions in three categories:
Foreign Exchange – Product Innovation: Cross-Currency ACH
Trade Finance – Process Innovation: Bank of America Merrill Lynch CashPro Trade™, Document Retrieval Solution
Transaction Services – Process Innovation: Digitized Wholesale Lockbox
“We’re very proud to receive industry recognition for these innovations that were launched in response to client demand,” said Ather Williams, head of Global Transaction Services. “In this increasingly digitized global marketplace, we understand that innovation is critical to helping our clients adapt to macro trends that are fundamentally changing their businesses.” Such trends include the increasing globalization of the consumer base, the growing dominance of the millennial generation, new payment options, and structural changes in the global payments networks.
"We are honored to be named an innovator by Global Finance magazine,” said Paul Simpson, Global Banking and Markets Operations executive. “Innovation gives us the opportunity to tap into the enormous wealth of experience, skills and intellect of our employees to deliver solutions that make it easier and faster for clients to do business with us.”
Writing about their selection process, Global Finance commented: “The selection board considered nominations and submissions, key research and the input of experts in evaluating those banks and service providers that stand out for their transformative products and solutions. The OECD’s Oslo Manual of Innovation was referenced when considering firms for inclusion, citing four types of innovation: product innovation; process innovation; marketing innovation; and organizational innovation.”
BofA Merrill’s cross-currency ACH payment capability enables clients to send payments to recipients in foreign countries/currencies using the destination countries’ domestic clearing system. Through a proprietary network of branches, local banks and global payments partners, BofA Merrill has built the largest footprint of cross-currency ACH payments of any bank, delivering both high- and low-value payments in 38 unique currencies and 76 countries/territories with plans to add more markets in the coming years.
Document retrieval solution
In 2015, BofA Merrill enhanced its trade and supply chain finance portal, CashPro Trade, with an innovative solution for document retrieval using data capture technology. The data capture technology allows metadata, such as invoice numbers and dollar amounts, to be recognized during a document search. The result is a simpler and better client experience that improves supply chain efficiency while enabling more effective working capital management.
Digitized wholesale lockbox
Also last year, BofA Merrill transformed its lockbox process from a manual, paper intensive state to one centered on automated image data capture. The patented technology used to digitize our lockbox process leverages intelligent sorting and workflow capabilities. By integrating manual functions into the lockbox platform we have significantly reduced cost, improved timeliness, accuracy, and enhanced the clients’ experience.
Global Finance, founded in 1987, has a circulation of 50,050 and readers in 180 countries. Global Finance’s audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Global Finance also targets the 8,000 international portfolio investors responsible for more than 80% of all global assets under professional management.
Its website — GFMag.com — offers analysis and articles that are the heritage of 29 years of experience in international financial markets.Global Finance is headquartered in New York, with offices around the world.Global Finance regularly selects the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.
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 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active users and approximately 20 million mobile 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.
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Louise Hennessy, Bank of America Merrill Lynch, 1.415.913.3641