Bank of America Corp : Bank of America Merrill Lynch Wins Celent Model Bank Award
06/13/2012| 10:05am US/Eastern
CashPro® Payments Recognized for Simplifying Client Experience
Bank of America Merrill Lynch today received a 2012 Model Bank award
from Celent, the financial services research and consulting firm, for
the development and deployment of its global payments hub, CashPro®
Payments. The service, introduced in late 2011, utilizes a
sophisticated payment infrastructure to provide BofA Merrill clients
with integrated global payments connectivity around the world.
Through CashPro Payments, clients can initiate several types of payments
through a single application. CashPro Payments delivers streamlined
workflow with enhanced straight-through processing, rule validation,
global routing codes, competitive foreign exchange rates, local
languages, customizable display and ad hoc, template and
file-import-based payment processing.
The Model Bank award was presented to BofA Merrill today during Celent's
fifth-annual Banking Innovation & Insight Day in Charlotte.
"Bank of America Merrill Lynch was chosen as a Model Bank for its
CashPro Payments initiative because it delivered a marked improvement in
the customer experience alongside dramatic savings for the bank through
straight-through processing," said Bob Meara, senior analyst with
Celent's Banking Group. "Moreover, it was implemented in a complex,
multi-country, multi-payment environment."
CashPro Payments is part of CashPro
Online, BofA Merrill's worldwide client access channel that delivers
banking services through a single portal and password.
"We developed CashPro Online based on close consultation with our
clients, and CashPro Payments is a big part of our shared vision for the
industry's best banking experience," said Cindy Murray, head of
Infrastructure, Platforms and eCommerce for BofA Merrill Global Treasury
Solutions. "We are honored that Celent has recognized CashPro Payments
as a differentiator in the eCommerce marketplace."
Bank of America
Bank of America is one of the world's largest financial institutions,
serving individual consumers, small- and middle-market businesses and
large corporations with a full range of banking, investing, asset
management and other financial and risk management products and
services. The company provides unmatched convenience in the United
States, serving approximately 57 million consumer and small business
relationships with approximately 5,700 retail banking offices and
approximately 17,250 ATMs and award-winning online banking with 30
million active users. Bank of America is among the world's leading
wealth management companies and is a global leader in corporate and
investment banking and trading across a broad range of asset classes,
serving corporations, governments, institutions and individuals around
the world. Bank of America offers industry-leading support to
approximately 4 million small business owners through a suite of
innovative, easy-to-use online products and services. The company serves
clients through operations in more than 40 countries. Bank of America
Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial
Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global
banking and global markets businesses of Bank of America
Corporation. Lending, derivatives, and other commercial banking
activities are performed globally by banking affiliates of Bank of
America Corporation, including Bank of America, N.A., member
FDIC. Securities, 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, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, which is a registered broker-dealer and member of FINRA
and SIPC, and, in other jurisdictions, a locally registered
entity. Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
Copyright 2012 Bank of America Corporation.
For more Bank of America news, visit the Bank
of America newsroom.
Reporters May Contact:
Will Wilson, Bank of America Merrill Lynch,
© Business Wire 2012