News Column

BofA Merrill Extends Low-Value Cross-Currency Payments Capability

July 26, 2014

By a News Reporter-Staff News Editor at Investment Weekly News -- Bank of America Merrill Lynch, a leader in global payments, has announced that a new payments capability is available on CashProŽ Online, the company's worldwide banking portal. Corporate and government clients of all sizes utilizing CashPro can now transact with low-value cross-currency payments, and realize reduced costs and improved efficiency through the CashPro Payments module. The new capability, launched in February this year, allows CashPro users to make low-value payments into 29 countries.

"We're pleased to add this new capability to CashPro Payments and extend the available options that clients have to initiate their cross-border low-value payments," said Ather Williams, head of Global Payments and Global Transaction Services (GTS) Strategy. "Companies, governments or institutions that send low-value payments to international payees now have the convenience of making those transactions through the same portal they use to initiate wire transfers, make domestic payments, view their cash positions and run reports."

"In building this new capability, we are giving our clients the flexibility to manage their low-value cross-currency payments from whichever channel best suits their needs - either our online portal or through file delivery," said Cindy Murray, head of Global Treasury Product Platforms and eChannels. "It's the latest development in the company's ongoing investment in CashPro Online, which remains a signature capability of Bank of America Merrill Lynch."

CashPro Payments also offers clients the option to initiate cross-border ACH payments from a number of currencies. For example, U.S. ACH payments can be made from accounts in Australian dollar, Canadian dollar, euro, pound sterling, as well as other funding currencies, thus avoiding the necessity to operate a U.S. account.

With the new functionality, CashPro Payments allows companies to make recurring low-value cross-currency payments that are either business-to-business or business-to-consumer.

Business-to-consumer payments can include: pension or salary payments, insurance claims payouts, sales incentives or commissions, rebates, royalties, or dividend distributions.

Business-to-business payments can include: vendor and utility payments, marketing, advertising or legal payments, consulting and outsourcing expenses.

Keywords for this news article include: Bank of America, Banking and Finance.

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Source: Investment Weekly News

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