Bank of America Merrill Lynch upgraded its online cash management capabilities with the launch of a next-generation payments system that will provide clients with new levels of convenience and control, the company announced this week during the Sibos 2009 conference here.
Under an agreement with Fundtech, a leading transaction banking software company, Bank of America Merril Lynch clients will have faster and easier access to a wide range of services and products, including treasury, liquidity, debt, investment and foreign exchange, said Cindy Murray, e-Commerce executive in Global Corporate Banking.
Our online clients will be able to monitor payment status in real time, and the new system will be able to select the best way to process payments based on pricing and urgency, says Murray. The easier access to information will improve work flow, provide a big picture view and help clients make critical business decisions.
Fundtechs new Global PAYplus platform uses advanced service-oriented architecture and will be the foundation for Bank of America Merrill Lynchs next-generation online banking channel for treasury management.
We are delighted to support Bank of America Merrill Lynchs goals of developing the industrys most advanced payments platform, says Michael Sgroe, Fundtechs president and chief operating officer: Our Global PAYplus services-based platform offers the industrys leading payments hub technology to accomplish these goals.
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