Bank of America Merrill Lynch Global Transaction Services (BofA Merrill GTS) has enhanced its suite of end-to-end China treasury management solutions.
The proprietary China online balance of payments (BOP) declaration module is promoted as the latest market-specific solution developed by Bof A Merrill to allow its China treasury management client base to better navigate the ongoing liberalisation of the country’s regulatory landscape.
The benefits of the module include:
- Enhanced execution of BOP declarations for payment execution and receipt.
- Streamlined processing of supporting commercial documentation as required by the State Administration of Foreign Exchange (SAFE).
- Total compliance with SAFE foreign exchange (FX) documentary requirements that stipulate both remitters and beneficiaries declare the underlying business transaction for each foreign currency (FCY) and cross-border RMB (CNY) payment and receipt in China.
“From a processing point of view, our ability to help drive a higher ratio of electronic foreign exchange (FX) payments and receipts via our innovative BOP module provides a distinct processing advantage to our clients in China, allowing businesses to focus on core competencies,” said Cathy Dou, BofA MErrill’s head of global transaction services, China.
“By improving efficiency, enhancing available resources and reducing operational risk for our clients in China, BofA Merrill is rapidly building on its differentiated and scalable offering in China and pleased to introduce this new model.”
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