Bank of America Merrill Lynch announced on Monday the addition of three new receiving sites in Calgary, Vancouver and Montreal, Canada, for its proprietary lockbox service.
The expansion will provide clients with same-day availability for received payments. The lockbox service was introduced last year, and the Vancouver and Calgary sites are expected to launch next month, followed by the Montreal site early next year.
“We continue to invest in our treasury services product offering in Canada,” Hany Naguib, BofA Merrill Lynch’s head of global transaction services in Canada, said. “Our clients are already telling us that our lockbox product differentiates us in the Canadian market. Adding these new sites not only shows our commitment to Canada but also our commitment as a leading provider of working capital solutions to our clients across North America.”
The expansion is just the latest additional offering to BofA Merrill’s treasury services in Canada, which caters to Canadian businesses or global companies with subsidiaries in Canada.
“We continue to focus in on creating a streamlined North American set of solutions while ensuring we meet the needs of our client base in Canada,” Maureen Jarvis, BofA Merrill’s head of GTS product management in Canada, said. “I am excited about this expansion and additional services planned for early 2014 to enhance both paper and electronic receivables reconciliation.”