Bank of America Merrill Lynch has substantially increased its international payments capabilities via the bank’s online and file-based banking portal, CashPro®. CashPro users can make cross-currency Automated Clearing House (ACH) payments to 60 countries and in 22 currencies.
ACH payments use country-specific clearing systems and are ideal for low-value or recurring payments. While BofAML offered these capabilities previously, they were only available to a relatively small number of clients. Today, thousands of clients can use CashPro to send payments to dozens of countries and in numerous currencies.
“Our enhancement of CashPro with the ACH payments capability is perfectly timed given the exponential growth of global payments around the world. Clients can now process their cross-border payments in a convenient and economical way,” said Ather Williams, head of Global Transaction Services. “Through this and other innovations, we strive to maintain our position as the provider of choice for companies with increasingly complex cash management needs.”
“We are pleased to add this expanded cross-currency payment method to CashPro,” said Hilani Kerr, head of Global Cross-Currency Product. “These critical enhancements were made in direct response to client demand, and represent another important step in our mission to help break down the barriers for companies to make low-value payments around the world.”