Bank of America Merrill Lynch (BofA Merrill) has added three new applications to its global treasury management and online banking channel, CashPro Online. The new offerings are:
- CashPro Payments.
- CashPro Information Reporting.
- CashPro Mobile.
Through CashPro Payments, clients can initiate several different types of payments, such as wire transfers, automated clearinghouse transactions and internal transfers, through a single application. User-defined fields increase the amount of information that may be included with the payment to better facilitate payment application and reconciliation. Beneficiary advising enables users to generate an e-mail to the beneficiary from within the payments service to provide additional remittance information. ‘Sticky notes’ enables clients to attach additional information about the payment to the transaction for later reference.
With CashPro Information Reporting, clients can obtain balance, summary and high-level transaction details to manage cash positions on a previous-day or current-day basis and to post to general ledger systems. They can retrieve information for virtually all accounts worldwide, including at other banks, in one place and on the same report. Research tools help clients search for transactions across their accounts. Customisable reports enable clients to manipulate the data into the format most helpful to them.
CashPro Mobile leverages the technology platform of payments and information reporting to provide clients streamlined access to a critical set of CashPro Online capabilities. Clients select which accounts they want to view and can take action, such as approving payments and account user access authority, while on the go.
All three new CashPro Online offerings are available to new clients. Transition of existing clients is expected to be completed over the next several months.
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