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February 6, 2017updated 04 Apr 2017 3:56pm

Bank of America Merrill Lynch expands ACH payments system

Bank of America Merrill Lynch (BofA) has upgraded its expanded its automated clearing house (ACH) payments system CashPro that will allow users to make cross-currency automated clearing house (ACH) payments to 60 countries and in 22 currencies.

By Verdict Staff

Bank of America Merrill Lynch (BofA) has upgraded its expanded its automated clearing house (ACH) payments system CashPro that will allow users to make cross-currency automated clearing house (ACH) payments to 60 countries and in 22 currencies.

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The upgrade, which will be accessible through CashPro Payments or CashPro Connect, will allow users to make payments to either individuals or businesses.

BofA head of Global Transaction Services Ather Williams said:  “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.

“Through this and other innovations, we strive to maintain our position as the provider of choice for companies with increasingly complex cash management needs.”

BofA head of global cross-currency product Hilani Kerr said: “We are pleased to add this expanded cross-currency payment method to CashPro. 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.”

The company added that CashPro users will also be able to access various payments solutions such as wire transfers for urgent and high-value payments, high-volume payments, Digital Disbursements, card solutions and ePayables and receipts management.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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