by Cindy Murray, Global Corporate Banking eCommerce Executive,
Bank of America Merrill Lynch
In the wake of the global financial crisis, corporations and other businesses have heightened their focus on how to reduce risk, optimise working capital, and make financial processes more efficient and transparent. At Bank of America Merrill Lynch, our clients are helping us develop plans for global interoperability, and few things are as vital to this drive toward efficiency and connectivity as giving clients the latest and best technology.
One of the world’s largest financial institutions, Bank of America Merrill Lynch executes more than 70,000 transactions per day globally, in nearly 100 currencies and with an average daily notional volume of $70bn. Our online cash management systems have more than 500,000 users. That size and reach demands a strategic vision for not only cultivating innovative solutions but also collaborating with other companies to more quickly deliver technological advances to clients.
One building block of interoperability is payments. Historically, banks have offered a fragmented payment experience through legacy systems, forcing clients to use multiple screens with varying levels of functionality as they manage transactions.
Channel integration is a core element of our strategic payments vision. Our CashPro Online product converges the file access channel and the treasury management portal into a single payments management channel. Doing so brings file access into an environment of enriched capabilities, and simplifies the client’s end-to-end experience.