Bank of America Merrill Lynch, a leader in global transaction services, is pleased to announce that it has expanded its payments capabilities with the launch of Multicurrency Netting. The new solution centralizes inter-company payments, enabling large companies that operate across multiple borders to reduce both the number of payments and the total value of payments made between companies that regularly invoice one another.
Large corporations typically make hundreds of inter-company payments worth millions of dollars every month. In addition, they must handle invoices in numerous currencies issued by their own affiliates or with vendors that support more than one entity within the company. Many times, specialized programs are needed to help calculate what each entity owes the other.
By moving to a centralized netting solution, multinational companies can realize many benefits, including:
Fewer wire transfers, resulting in lower bank and lifting fees.
Fewer local currency bank accounts and related expenses.
Reduced foreign exchange exposure and trade activity.
Less time spent handling invoices and reconciliation tasks.
“The Multicurrency Netting solution introduced today is in response to direct input from our corporate and commercial clients who want greater visibility and control over their inter-company and vendor payments,” said Liz Minick, head of Global Cross-Currency Product and Strategic Client Capabilities in Global Transaction Services. “We are pleased to add this powerful cross-currency solution to our suite of FX payment tools.”
The Multicurrency Netting solution also includes a number of features that were specifically requested by our clients, such as:
Workflow and communication tools for invoice management.
Competitive and transparent FX trading rates from BofA Merrill.
To help ensure a successful implementation process, BofA Merrill will help clients customize the solution to match their company profile, and guide them through all setup requirements.
BofA Merrill offers a global suite of payments solutions to help companies optimize their working capital with greater precision and control. In addition to Multicurrency Netting, the bank offers a multitude of solutions through our CashPro® platform, such as wire transfers for urgent and high value payments in over 140 currencies covering more than 230 countries and territories, high volume payments, Digital Disbursements, card solutions and ePayables and receipts management.
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 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 34 million active users, including approximately 24 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