BofA Merrill Offered Faster Corporate Payments to Asia (Sept. 17, 2013)
Sept. 17, 2013
Bank of America Merrill Lynch is aiming to improve the speed and efficiency with which banks and corporations can make high-dollar payments to Asia. The company’s new Accelerated Payments to Asia solution uses smart routing technology to mitigate the difficulties typically faced by corporations making U.S. dollar payments to Asia due to time zone differences that often create delays in transfer and settlement times. The system capitalizes on BofA Merrill’s global branch network to process the payments in “the most intelligent and straight-through manner possible,” the company said.
“With the proliferation of inter-Asia and intra-Asia flows and the evolving economic demographics of this region, clients increasingly demand solutions that enhance operational efficiencies and facilitate faster payments,” said Faisal Ameen, head of treasury products, Asia Pacific, BofA Merrill. “Accelerated Payments to Asia provides our global financial institutional clients with the ability to capture incremental payment flows, the advantage of faster shipment of goods and the benefit of global connectivity to this dynamic region.” The service currently is live in China, and will be expanded to other Asian markets in the future.
BofA Merrill also this week announced its Global Transaction Services business has completed the consolidation of client transaction data from multiple systems into a single data repository. The company said the centralized system will enhance information reporting and analytics offered to customers through the bank’s CashPro client access channel.