BAML builds single data repository
Bank of America Merrill Lynch (BAML) has completed consolidation of client transaction banking data from multiple systems into a single centralised data repository. The service will provide corporate clients with up to 14 months of data online or in file format.
The repository will be available to clients who access their bank data via BAML’s CashPro Online, CashPro Connect or CashPro Mobile channels. Clients will be able to search across all Bank of America accounts and selected accounts at other banks.
The service meets the increasing requirement from corporates to be self-sufficient in terms of investigations and enquiries. “Users can do their own research and enquiries on transactions,” said Cindy Murray, head of global treasury product platforms and e-channels at the bank. “They no longer need to rely on the bank to undertake an investigation.” Providing data from other, selected bank accounts also acknowledges the desire of corporates to use bank agnostic services.
Murray said the bank has built a very open infrastructure that will enable its clients to access data regarding “anything the bank knows about them”. Data can be customised for users, based on their preferences. “Clients now have much greater control over and increased flexibility with how they want to see the data and generate reports.”
The focus is on actionable data, enabling users to identify patterns that could lead to improvements in efficiency and higher rates of straight through processing.
Tom Durkin, managing director, global head of integrated channels, ecommerce, said the hub creates a layer of consistency across all channels.
“The data we provide in the reporting hub empowers users to make very fast enquiries on transactions,” he said. “Corporates can be very challenged by their own internal systems. Getting the information they need, quickly, is very powerful for accounts payable teams.”