BofA Merrill Lynch Expands ACH Payments Capabilities on CashPro
Bank of America Merrill Lynch has substantially increased its international payments capabilities via the bank’s online and file-based banking portal, CashPro. Tens of thousands of CashPro users can now make cross-currency Automated Clearing House (ACH) payments to 60 countries and in 22 currencies, creating an easier and more cost-effective way for companies to pay vendors, contractors and customers.
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,” said Ather Williams, head of Global Transaction Services. “Clients can now process their crossborder payments in a convenient and economical way.”
BofA Merrill clients can access the new payments capability through CashPro Payments or CashPro Connect. The payments can be made to either individuals or businesses.
“These critical enhancements were made in direct response to client demand,” said Hilani Kerr, head of Global Cross-Currency Product. “and represent another important step in our mission to help break down the barriers for companies to make low-value payments around the world.”
In addition to cross-currency ACH, CashPro users can access a global suite of payments solutions, including wire transfers for urgent and high-value payments, high-volume payments, Digital Disbursements, card solutions and ePayables and receipts management.