Bank of America announced the implementation of a new service that allows corporations to send global payment origination instructions directly from internal SAP systems to Bank of America. Celestica, a global leader in the electronics manufacturing services (EMS) industry, will be the first to use this new feature to initiate payments. Celestica will use SAP intermediary documents (IDocs) to send global payment origination instructions from its SAP platform directly to Bank of America, bypassing the need to convert information into EDI or banking formats because all translation is now done at the bank. This service encompasses both U.S. and international payment systems. In addition to payment origination, Bank of America is working on additional interfaces for clients using SAP, including information reporting and receipts processing.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
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Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.