Payment technology

BofA Merrill Lynch offers cross-currency payments through online portal

bank of america merill lynchBank of America Merrill Lynch recently announced that corporate and government clients now have access to low-value, cross-currency payments through the company’s CashPro Online banking portal.

“We’re pleased to add this new capability to CashPro Payments and extend the available options that clients have to initiate their cross-border low-value payments,” Ather Williams, the head of global payments and global transaction services strategy at BofA Merrill Lynch, said. “Companies, governments or institutions that send low-value payments to international payees now have the convenience of making those transactions through the same portal they use to initiate wire transfers, make domestic payments, view their cash positions and run reports.”

In addition to cross-currency payments, clients also now have the option to initialize cross-border ACH payments across a number of currencies, including the pound sterling, euro, Canadian dollar and Australian dollar.

“In building this new capability, we are giving our clients the flexibility to manage their low-value cross-currency payments from whichever channel best suits their needs – either our online portal or through file delivery,” Cindy Murray, the head of global treasury product platforms and e-channels at the bank, said. “It’s the latest development in the company’s ongoing investment in CashPro Online, which remains a signature capability of Bank of America Merrill Lynch.”

Business-to-consumer payments are available for pensions or salaries, insurance claims payouts, commissions, rebates or dividend distributions, while business-to-business payments can include marketing, legal payments or advertising, consulting and vendor payments.

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