Bank of America Merrill Lynch has been granted a Bank Readiness Certification from SWIFT, allowing it to join SWIFTs online database which gives corporate customers information on the SWIFT capabilities of their banking partners.
Corporate customers using SWIFT range from mid-sized companies with simple cash management structures dealing with a few banks locally to large corporations deploying sophisticated payments and collections working with multiple banks globally. By using SWIFT, corporate customers can automate and standardize financial transactions with their banking partners, allowing for improved visibility and control of cash flows as well as improved risk management.
The Bank Readiness Certification provides these customers with insight into the readiness of their banking partners, allowing them to realize fully the benefits of their SWIFT connection.
With more than a hundred corporate clients using SWIFT, we are delighted to have received SWIFTs Bank Readiness Certification, which we believe will encourage other corporate customers to adopt the service, says Tom Durkin, Bank of America Merrill Lynchs global head of Integrated Channel Solutions. Bank of America Merrill Lynch provides treasury services to 86% of the Global Fortune 500 and to 95% of the US Fortune 1,000. Our membership to SWIFT is a critical offering within our suite of treasury solutions.
Elie Lasker, SWIFTs head of corporate market, adds: The SWIFT Bank Readiness Certification program is an important process that validates a banks SWIFT capabilities to its corporate customers. It eliminates uncertainty and makes it easier for corporate customers to make decisions related to SWIFT. The addition of Bank of America Merrill Lynch to the Bank Ready list is a great achievement that will help raise awareness and adoption of the SWIFT for Corporates offering.