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BofA Merrill Lynch Developing Electronic Bank Account Management for Corporate Clients

New system expected to reduce costs and improve efficiency by allowing clients to open accounts online.

Bank of America Merrill Lynch has announced plans to offer an electronic bank account management system to the bank's corporate clients, enabling them to open accounts, close accounts and modify bank mandates online.

Bank of America Merrill Lynch envisions using the Trust Prime eBAM system from IdenTrust and expects to join the IdenTrust Trust Network, allowing the bank to issue interoperable digital identities that can be used around the world. Through these services, the bank account management process for clients can be fully electronic, which is expected to reduce end-to-end processing and support costs.

"Managing bank accounts can be a cumbersome, paper intensive and time consuming process" said Cindy Murray, global corporate banking ecommerce executive at Bank of America Merrill Lynch, in a statement. "These new capabilities have the goal of providing transparency and simplified workflow while allowing our customers to make changes to their accounts in an accelerated fashion. Our plans with IdenTrust and anticipated launch of eBAM are another example of Bank of America Merrill Lynch's ongoing investment in innovation and commitment to global expansion."

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