Bank of America Merrill Lynch, a leader in global transaction services, has announced that it has substantially increased its international payments capabilities via the bank’s online and file-based banking portal, CashPro®. Today, tens of thousands of CashPro users can make cross-currency Automated Clearing House (ACH) payments to 60 countries and in 22 currencies, creating an easier and more cost-effective way for companies to pay vendors, contractors and customers.
ACH payments use country-specific clearing systems and are ideal for low-value or recurring payments. While BofAML offered these capabilities previously, they were only available to a relatively small number of clients. Today, thousands of clients can use CashPro to send payments to dozens of countries and in numerous currencies.
“Our enhancement of CashPro with the ACH payments capability is perfectly timed given the exponential growth of global payments around the world. Clients can now process their cross-border payments in a convenient and economical way,” said Ather Williams, head of Global Transaction Services. “Through this and other innovations, we strive to maintain our position as the provider of choice for companies with increasingly complex cash management needs.”
BofA Merrill clients can access the new payments capability through CashPro Payments . The payments can be made to either individuals or businesses.
“We are pleased to add this expanded cross-currency payment method to CashPro,” said Hilani Kerr, head of Global Cross-Currency Product. “These critical enhancements were made in direct response to client demand, and represent another important step in our mission to help break down the barriers for companies to make low-value payments around the world.”
In addition to cross-currency ACH, CashPro users can access a global suite of payments solutions, including wire transfers for urgent and high-value payments, high-volume payments, Digital Disbursements, card solutions and ePayables and receipts management.
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:
Louise Hennessy, Bank of America