The new solution, which centralizes inter-company payments, allows large companies to operate across multiple borders to reduce number of payments and total value of payments made between companies that regularly invoice one another.
Through moving to a centralized netting solution, the new solution allows multinational companies to reduce lower bank and lifting fees due to fewer wire transfers.
It will also help to reduce foreign exchange exposure and trade activity and maintain fewer local currency bank accounts and related expenses.
The new solution also offer multiple features for clients, including workflow and communication tools for invoice management, as well as competitive and transparent FX trading rates from BofA Merrill.
It also provides comprehensive metrics and reporting, with direct updates to company accounting platforms.
The company also provides other multitude of solutions through CashPro platform, including wire transfers for urgent and high value payments in around 140 currencies covering more than 230 countries and territories.
In addition, the firm’s services include high volume payments, digital disbursements, card solutions and ePayables and receipts management.
BofA Merrill head of global cross-currency product and strategic client capabilities in global transaction services Liz Minick said: “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.
“We are pleased to add this powerful cross-currency solution to our suite of FX payment tools.”
BofA Merrill is the marketing name for the global banking and global markets businesses of Bank of America.
Image: The Bank of America Tower in New York City. Photo: courtesy of User Jleon / Wikipedia.
