News

BofA Merrill Lynch expands trade, supply chain product suite for clients in China

bank of america merill lynchBank of America Merrill Lynch Global Transaction Services announced on Thursday a number of solution developments in its China trade and supply chain product suite, as part of the company’s efforts to expand its supply chain finance business in China.

BofA Merrill Lynch introduced a number of enhancements to its Electronic Commercial Draft System and expanded it to BANA Beijing and BANA Guangzhou branches, providing the bank’s three China branches with the full ability to process electronic drafts. The solution was previously only available to BofA Merrill Lynch’s Shanghai branch.

The ECDS solution facilitates domestic renminbi draft settlements, providing a source of low-cost and short-term trade and supply chain financing to corporate clients. The platform also addresses clients’ short-term liquidity and risk mitigation requirements.

Additionally, the company expanded its Trade Receivables Finance program, which monetizes receivables while honoring existing payment terms. Clients can improve the buyer relationship and increase sales through longer payment terms.

“Expanding our supply chain finance platform with innovative solutions and broader geographic reach is a critical element of our strategic goal of better connecting with our clients in China,” Cathy Dou, BofA Merrill Lynch’s head of global transaction services in China, said.

The bank’s supply chain finance program provides corporate clients in China with a buyer-oriented solution.

Comments are closed.