Bank of America Merrill Lynch and Earthport recently signed an agreement to expand cross-border payment capabilities to the bank’s clients and customers around the world.
“Our clients are asking us to help them quickly enter new markets across the globe. In many cases, a low-value international payment vehicle perfectly suits their needs,” Ather Williams III, the head of global payments for BofA Merrill Lynch, said. “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. We are pleased that the agreement with Earthport will deepen our ability to provide clients with industry-leading solutions.”
BofA Merrill Lynch’s corporate clients will have increased access to cross-border payment capabilities across more countries and faster payments supported by the bank’s FX solutions.
The agreement builds on the bank’s commitment to the expansion of international payment capabilities as part of an effort to serve clients worldwide.
Earthport specializes in white label cross-border payments solutions for a number of clients, including banks, foreign exchange businesses, payment aggregators, e-commerce businesses and money transfer firms.
“The new contract with Bank of America Merrill Lynch marks a commitment to a long-term strategic relationship, and represents a large and international strategic opportunity across several of Bank of America Merrill Lynch’s payments services,” Earthport CEO Hank Uberoi said. “We look forward to continuing to work together to provide leading payment products to its corporate customers.”