Bank of America Merrill Lynch (BofAML) Global Transaction Services (GTS) has launched a USD cash management pilot program in the Shanghai Free Trade Zone (Shanghai FTZ) with US-based TRW Automotive (TRW) mandating the firm for a treasury management solution.
“The Shanghai FTZ has rapidly evolved in scope and sophistication and will continue to influence the treasury management decisions at leading corporations with a China presence,” said Cathy Dou, head of Global Transaction Services, China at BofAML. “By participating in the USD cross-border sweeping program, our solution flexibility, client consultancy and demonstrated track record of execution position us at a competitive advantage to service the treasury needs of TRW and other entities operating in the Shanghai FTZ.”
For TRW, BofAML will provide a cross-border USD cash management solution that allows two-way sweeping of surplus funds between the header account in the FTZ and other entities globally and streamlined processes for settlement and FX. The solution also provides TRW payments and collection centralisation advantages designed to help improve efficiency and save on costs.
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