Bank of America Merrill Lynch launched on Tuesday a new service to facilitate accelerated payments to Asian markets—a solution that uses smart routing technology to improve the speed and efficiency with which U.S. dollar payments are made.
“In today’s environment, companies making U.S. dollar payments to and within Asia can face hurdles that ultimately impinge on their working capital management,” Greg Murray, the head of U.S. dollar wire and clearing products at BofA Merrill Lynch’s global transaction services division, said. “These hurdles center on the time zone differences between the Asian markets and the U.S. With Accelerated Payments to Asia, we have eliminated those issues, providing banks and their customers a much faster settlement process that also offers improved visibility and control over their cash.”
The smart routing technology recognizes payments and passes them through in-country U.S. dollar clearing systems, using a single bank account, allowing banks and companies making U.S. dollar payments to Asian markets to avoid common complications like delays and liquidity interruptions.
“With the proliferation of inter-Asia and intra-Asia flows and the evolving economic demographics of this region, clients increasingly demand solutions that enhance operational efficiencies and facilitate faster payments,” Faisal Ameen, the head of Treasury products for BofA Merrill Lynch’s Asia Pacific region, said. “Given these ever-changing market conditions, Accelerated Payments to Asia serves as a timely solution that provides our global financial institutional clients with the ability to capture incremental payment flows, the advantage of faster shipment of goods and the benefit of global connectivity to this dynamic region.”