Bank of America Merrill Lynch and Earthport Sign Strategic Agreement

Published 

Reinforces the bank’s commitment to support the evolving payments needs of clients across the globe

LONDON/NEW YORK – Bank of America Merrill Lynch, a leader in global payments and transaction services, and Earthport (AIM:EPO), the cross-border payments service provider and existing key supplier for the bank, today announced a multi-year agreement to significantly expand Bank of America Merrill Lynch’s low value clearing capabilities globally, and to advance the efficiency of its high volume, low value payments. The agreement provides the bank’s global corporate client base with a greater number of solutions in more countries to help them process payments around the world.

Under the agreement, Bank of America Merrill Lynch’s corporate clients will have increased access to the cross-border payments capabilities needed to enhance their global competitiveness.  The bank’s clients will benefit from an expanded set of countries as well as faster, more transparent and cost efficient payments that are deeply integrated with Bank of America Merrill Lynch’s robust FX solutions. 

The strategic agreement continues Bank of America Merrill Lynch’s expansion of international capabilities, which is in keeping with the firm’s commitment to serve its clients wherever in the world they do business, and to ultimately support their long term goals.

“Our clients are asking us to help them quickly enter new markets across the globe. In many cases, a low-value international payment vehicle perfectly suits their needs.  The situation reflects the increasing trend for clients to ask for financial products and services that support new models, rather than services designed for a different purpose, in a different era.” said Ather Williams III, Head of Global Payments for Bank of America Merrill Lynch.  “We are pleased that the agreement with Earthport will deepen our ability to provide clients with industry leading solutions.” 

“Having signed an initial agreement with Bank of America Merrill Lynch in December 2012 for a specific payments service in North America, I am delighted today to announce the progression of this relationship, and the signing of a worldwide contract, said Hank Uberoi, Chief Executive Officer of Earthport. “The new contract with Bank of America Merrill Lynch marks a commitment to a long term strategic relationship, and represents a large and international strategic opportunity across several of Bank of America Merrill Lynch’s payments services. We look forward to continuing to work together to provide leading payment products to its corporate customers.”

With local clearing capabilities in more than 60 countries and an efficient and transparent cross-border payments service, Earthport is uniquely positioned to support Bank of America Merrill Lynch in advancing its share of the global low value payments market.

Most recent episodes

Audio TMI - ESG: Time to Decide

The pressure to comply with ESG initiatives is being felt by corporates like never before, with ESG-compliance a common concern among treasury departments. TMI talks to Lavinia Bauerochse (Deutsche Bank) about treasury’s ...

11:41

Embedded Finance: A 101 Guide for Treasurers

Our latest TreasuryCast guest, Aman Narain (HSBC) sits down with TMI's Eleanor Hill to consider the ways in which treasury might be impacted by embedded finance. In this podcast, Aman explains the differences between embedded finance and BaaS, shares his hopes for the future in this space, and provides...

12:58

Audio TMI - A Modern, Agile, and Efficient Machine

UniCredit's Raphael Barisaac and Massimo Ortino explain how the fir...

What’s on the Horizon for Short-term Investments?

The treasury community has risen to the ongoing challenge of rising interest rates and inflation, with corporate cash serving as the sought-after safety net. Here, Daniel Farrell (Northern Trust Asset Management) and Karl Adams (ICD) consider how the latest MMF reform proposals affect short-term...

39:27

Transitioning a Corporate from LIBOR to CME Term SOFR

The loans market has predominantly moved to forward looking term rates, and both corporate borrowers and global lenders are increasingly turning to CME Term SOFR as the forward looking risk-free benchmarks to support their activities. Listen to this podcast, featuring Gavin Lee, Marco Bianchi (CME...

37:16

HSBC’s Sibos Spotlight – View from Sibos

TMI's Eleanor Hill invites Neil Atkinson, Nadine Lagarmitte, and Vinay Mendonca (HSBC) to discuss the critical treasury topics and conversations highlighted at this year's Sibos conference in Amsterdam. Amongst a wealth of market insights, our guests consider the most critical developments emerging from...

38:40

ECB’s Targeted TLTRO Tweaks Set to Drain Excess Market Liquidity

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th...

05:42

Asian Treasury Trends: Learnings and Opportunities

Former corporate treasury professional, Valerie Heng (Deloitte) joins Eleanor Hill to discuss the hot topic of treasury transformation, alongside other key shifts treasurers should be aware of. In this podcast, Valerie uses her knowledge of the Asian Treasury market to explain how the role of the...

20:27

Collaborative Trade Finance: How to Unlock Liquidity at Speed

Imagine if trade finance applications were fully collaborative and corporates could communicate with every trade participant via an open digital hub.  In this podcast, Vincent Almering (Interfood Holding B.V.) and Enno-Burghard Weitzel (Surecomp) explain to TMI's Ben Poole how collaborative trade...

35:54