September 16, 2013

Bank of America Merrill Lynch announced it has consolidated multiple systems in its Global Transaction Services business into a centralized data repository. Eliminating these silos and creating a single repository will allow BofA Merrill to offer enhanced information reporting and analytics capability to its clients who access their bank data via the CashPro Online, CashPro Connect or CashPro Mobile services, the bank said.

The centralized repository allows clients to search across all Bank of America accounts and selected accounts at other banks, while system users can now look up transactions from the previous 365 days by various fields including payee, amount and date without needing to determine which account was utilized for the transaction, according to the bank. This was previously not available.

[Register for Interop here and check out the “Navigating the Big Spectrum of Big Data’s Solutions” session on October 4 in NYC.]

“This reporting hub enables us to transition our information reporting services to an enhanced client-centric model,” said Cindy Murray, head of Global Treasury Product Platforms and e-Channels. “Clients now have much greater control over and increased flexibility with how they want to see the data and generate reports. Their reporting details will be configurable by individual client, and can change as their own company’s needs evolve with system integration and upgrades. The end result will be a movement from reporting systems to reconciliation platforms with improved visibility, flexibility and responsiveness.”

[See Also: Science Versus Art in Risk Management: Lessons from Merrill Lynch]

ABOUT THE AUTHOR
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as ...