BofA Merrill Enhances CashPro Trade™
Working Capital Portal Improves Document Identification and Retrieval
Bank of America Merrill Lynch today announced that its trade finance processing application, Bank of America Merrill Lynch CashPro Trade™, is now powered with innovative technology to assist clients with document identification and retrieval. The enhancement, which is part of the bank’s ongoing commitment to simplifying trade transactions, significantly streamlines the typically tedious, manual process of document identification through the use of data capture technology.
“Trade and supply chain finance are critical components of the integrated working capital solutions we offer our clients,” said Ather Williams, head of Global Transaction Services at Bank of America Merrill Lynch. “The latest update to CashPro Trade is another demonstration of our investment in this solution set, which our clients around the world increasingly value.”
BofA Merrill engaged numerous clients for their direct input on which new capabilities CashPro Trade would best solve their challenges. Betsey Terry, manager of Merchandise Operations for Gymboree, an international retailer of high-quality apparel and accessories for children, commented on the new functionality, “The document images module is a great example of the bank’s willingness to listen, and to deliver an enhancement that leverages new technologies to streamline our processes. We appreciate their focus on the client experience as it has certainly made a difference.”
The new data capture technology allows for metadata, such as invoice numbers and dollar amounts, to be recognized during a document search. The tool automatically displays descriptive links. This allows clients to more easily identify and link documents that are required for auditing and transaction approval. The result is a simpler and better client experience that improves supply chain efficiency while enabling more effective working capital management.
“An historically paper-intensive market, trade finance naturally benefits from automation and digitization that CashPro Trade offers,” said Percy Batliwalla, head of Global Trade and Supply Chain Finance at BofA Merrill. “The improvements to CashPro Trade meet our objective to simplify the way our clients transact, report, and manage their business, regardless of where they are located.”
CashPro Trade (formerly known as Trade Pro®*, which is accessed through the bank’s treasury management online banking channel, CashPro® Online, allows clients to manage their working capital, payment and performance risk.vCashPro Trade is one of a number of modules that clients can access through CashPro Online to generate a holistic view of their entire treasury and trade activity.
* In November, Bank of America Merrill Lynch renamed the portal CashPro Trade. The name change reflects the enhancements made by the bank that deliver a unified client view of payments, receipts, FX, and trade transactions to manage their working capital across all geographies.
Key facts about CashPro Trade:
- CashPro Trade was launched in 2012 as Trade Pro.
- Since 2013, the number of companies using CashPro Trade has doubled.
- The tool is accessed by clients in more than 50 countries transacting in 43 currencies.
- CashPro Trade has been recognized by the industry and our clients as a leading-edge client access portal, winning awards including Best Use of IT in Wholesale & Investment Banking (FSTech magazine, 2014) and Best Use of IT in Wholesale/Transaction Banking (Banking Technology magazine, 2013).
Key facts about CashPro® Online:
Launched in 2009, CashPro Online today is accessed by 40,000 clients and more than 400,000 unique users. In a recent 30-day period, clients from 160 countries accessed the portal.
CashPro Online delivers key functions such as payments, receipts, investments, reporting, and fraud prevention.
Clients can connect to virtually all of their global treasury, liquidity, trade and foreign exchange solutions.
Clients are able to execute transactions faster and more efficiently with straight-through processing and simplified workflow.
Robust security features.
Increased global functionality, such as multiple reporting formats for easy integration into a client’s ERP system.
Information reporting that converts multiple currencies into one common currency.
Global reporting that allows clients to see balances and liquidity positions in specific regions.
Broad local language capabilities.
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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Reporters May Contact:
Louise Hennessy, Bank of America Merrill Lynch, 1.415.913.3641