Bank of America Merrill Lynch (BofA Merrill) and cross-border payments service provider Earthport, already a key supplier for the bank, announced a multi-year agreement to expand BofA Merrill’s low-value clearing capabilities globally and advance the efficiency of its high-volume, low-value payments.
BofA Merrill said that the agreement provides the bank’s global corporate client base with a greater number of solutions in more countries to help them process payments around the world.
Under the agreement, BofA Merrill’s corporate clients will have increased access to the cross-border payments capabilities needed to enhance their global competitiveness. They are promised an expanded set of countries as well as faster, more transparent and cost-efficient payments integrated with BofA Merrill’s foreign exchange (FX) solutions.
“Our clients are asking us to help them quickly enter new markets across the globe,” said Ather Williams III, head of global payments for BofA Merrill. “In many cases, a low-value international payment vehicle perfectly suits their needs. The situation reflects the increasing trend for clients to ask for financial products and services that support new models, rather than services designed for a different purpose, in a different era.
“Having signed an initial agreement with BofA Merrill in December 2012 for a specific payments service in North America, I am delighted to announce the progression of this relationship, and the signing of a worldwide contract,” said Hank Uberoi, chief executive officer (CEO) of Earthport.
“The new contract with BofA Merrill marks a commitment to a long-term strategic relationship, and represents a large and international strategic opportunity across several of BofA Merrill’s payments services.”
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
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