Global Transaction Services (GTS) at Bank of America Merrill Lynch (BofA Merrill) has launched a continuum of solutions to address the various challenges companies face when managing large volumes of cash and cheque receivables.
The two new products, Safe Connect PlusTM and CASH360 LiteTM, complement existing receivables solutions Safe Connect TM and CASH360 TM to provide a suite of cash and paper handling options that address challenges faced by companies of varying size and complexity. (CASH360 Lite, CASH360 and Safe Connect Plus are delivered through a strategic relationship that Bank of America, N.A. maintains with a global leader in security solutions.)
“We work closely with our clients to understand their particular cash management needs, and most importantly, to understand what specific services will most dramatically improve their back-office or cash handling processes,” said Rodney Gardner, head of global receivables in GTS.
“It’s with this direct feedback we were able to create two new solutions that meet the requirements of smaller or less complex retailers.”
BofA Merrill said that when using Safe Connect or Safe Connect Plus, companies generally can receive same-day provisional credit for cash deposited into a bill-validating safe. These solutions have the potential to improve security, operational efficiencies, and visibility into cash positions, while allowing quicker access to cash.
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