In processing a LC or Open Account transactions, one of the biggest delays and hassles is the difficulty in identifying the associated documents to be able to check that the transaction is correct and approved. Having a scan of all the documents associated with the trade transaction, of which there can be over a hundred, is not enough, the approver needs to be able actually search these scanned documents.
For many corporates the idea of having all these trade documents digitised is a distant dream - just ask Bolero and essDOCS. This is where the new CashPro Trade scanning and digitization technology comes in.
BofA Merrill CashPro Trade’s new scanning and digitization technology enables the bank staff to scan incoming paper trade documents and the additional metadata, which are then linked to associated instruments and viewable on CashPro Trade.
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The approver of the trade transaction is able to see all the associated documents and of the metadata for ease of identifying specific documents, see screenshotbelow.
Not only is the client able to see all the documents, they are able to search across the documents, e.g. entering invoice 12345 or amount $22, 300, 000 will display all documents containing this figure or amount., seescreenshot below.
No wonder this facility is popular with clients: Betsey Terry, manager of Merchandise Operations for Gymboree, an international retailer of high-quality apparel and accessories for children, commented on the new functionality, “The document images module is a great example of the bank’s willingness to listen, and to deliver an enhancement that leverages new technologies to streamline our processes.”
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The strapline for CashPro Trade is “Making global trade simpler” and as part of this focus, BofA Merrill has not tied their portal to one particular trade platform, instead they have focused on general connectivity. So CashPro Trade is able to connect to their clients and to all the trade platforms regardless. Ann F. McCormick, Director, Trade and Supply Chain Product Enablement and Solutioning at BofA Merrill explains, “This image indexing search enhancement reflects our ongoing commitment to delivering easy to use tools that work seamlessly with the client’s infrastructure.”Today’s always-connected global economy means that companies seeking to unlock growth must be nimble and find ways to navigate world markets. Whether you’re new to FX or expanding your horizons, you can look to us for the strategic guidance to help you stay ahead with solutions that make easier.
See how locking in exchange rates for up to 180 days can ease payments flows, simplify reconciliation and reduce accounting noise due to daily mark-to-market.
As the global currency market has become even more volatile, FX fluctuations pose significant challenges to treasurers in managing their companies’ cross-border, cross-currency payables and receivables.
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Guaranteeing FX rates is not a new concept, but it hasn’t always been able to meet the needs of companies whose payables and receivables cycles often run up to three months or longer.
And with our intelligent, data-powered solution that operates in real time, you’ll consistently have access to most competitive FX rates across supported tenors.
You can access Guaranteed FX Rates through our payment channels, with no new implementation required. It’s also available through an API for direct use with your treasury management workstation.
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With our solution, you’ll experience the benefits of reduced accounting noise, FX rate certainty and improved reconciliation, helping you cut through the complexity of FX.
“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.
In today’s global payments market, you may be contending with limited service offerings, manual processes and fragmented workflows. That’s why we’ve created FX Trade and Pay.
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One solution offers you real-time rate visibility, streamlined access to comprehensive trading and settlement tools as well as flexibility in trade and settlement workflows.
Fx Trade and Pay is at your fingertips through the convenience of our digital platform using the fx channels of your choice.
You then get a clear view of all of your approved payments and easy access to reconcile payments to settled trades – all in a secure environment.
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One efficient workflow offers you competitive fx rates, transparency, visibility, security and risk mitigation – ultimately, giving you greater control over cross-border payments. We’re here to make doing around the world…faster, smarter, and more secure.
SWIFT FX gives you the power to hold only one account and easily send funds in over 140 different currencies – streamlining the process for you and your customers to do more globally.
And for optimal upfront visibility at a transactional level, our award-winning FX Trade and Pay solution now allows pre-booked trades to be settled via SWIFT against US dollar accounts with more debit currencies planned.
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Whichever method you use, we want to make it easier for you with minimal implementation requirements while accepting multiple message types and formatting options.
At Bank of America, we're here to improve efficiency and provide a great experience for you and your customers. That's why we continue to invest and innovate our Global FX Solutions for payments and receipts.
“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.
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IXP enables initiation and disbursement of low-value, high volume, cross-border payments in near real-time. It uses distributed ledger technology to create a transparent and instant disbursement of funds to beneficiaries across international borders.
What if you could make low-value, cross-border payments almost instantly? Many es are expanding their operations globally, resulting in more cross-border payments than ever before. But these can be costly and complex to navigate.
Instant Cross-Border Payments, or IXP, from Bank of America, leverages blockchain technology to help you make low-value, high-volume cross-border payments in near real-time. The way it works is simple. You initiate your payment in U.S. dollars, and IXP pre-validates payee details and makes the FX conversions.
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“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.
Learn how you can convert inbound foreign currency receipts and concentrate them into your Bank of America account. FX Receivables offers your clients the convenience of paying in local currency, while you reap the many benefits of simplifying your cross-currency collections.
With it, you hold one account and quickly receive funds in up to 37 different currencies - making it easy for you and your payers to do more globally.
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To further manage FX risk, combine Global FX Receivables with our Guaranteed FX Rates, locking in a fixed rate for up to 180 days.
Once your inbound payments have been converted, we credit funds to your account automatically, often on the same day. And for easier reconciliation and auditing, we offer trade and payment alerts along with statement information.
At Bank of America, we're here to improve efficiency and provide a great user experience for your customers. That's why we continue to invest and innovate our global FX solutions for payments and receipts. Learn more today.
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“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in
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