Bank of America Merrill Lynch (BofA Merrill) has launched Cash Management Essentials, described as “a suite of simple and affordable treasury management solutions specifically created to meet the needs of small business or companies with less complex treasury needs”.
Outlining the new range, the banks said that it offers clients a suite of treasury services most commonly used by larger commercial treasury departments at affordable, easy-to-understand monthly pricing. The baseline option of core treasury products includes account management, payments, receivables, fraud protection and account information and reporting products.
Supplemental wire, automated clearing house (ACH) and image lockbox packages are available for businesses that perform a greater number of monthly payment transactions or need a more customised receivables solution.
“Our small business clients and those with less complex treasury needs tell us they need the same treasury tools used by larger companies with low, simple pricing and a fast, easy and user-friendly on-boarding experience,” said Galen Robbins, BofA Merrill’s head of global transaction services for global commercial banking, business banking and client development group.
“Based on their feedback, we developed Cash Management Essentials to give them all they asked for – and more – to help them effectively run their business and manage their cash.”
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
While corporates have more choice when it comes to choosing financial services, the core relationship between banks and businesses hasn't changed, argues Michael Cummins, head of treasury solutions at Citizens Bank.
A poll by MarketInvoice also found that relatively few business leaders would consider speaking directly to a bank.
Trade credit insurer Atradius expects the country to emerge from recession this year, but warns that weak confidence will continue to keep growth subdued.