Bank of America Merrill Lynch has come out with Trade Pro, a digital platform made to help large corporate and middle market companies facilitate trade and financial supply chain operations. The new offering is available through and fully integrated with the bank's treasury management and corporate online banking channel, CashPro Online.
Trade Pro, which is available in multiple languages, enables clients to automate and manage import and export trade and supply chain activity between buyers and sellers. Some of its key features include automation of purchase order details into letter of credit or open account transactions, customizable settings and dynamic data-mining and reporting.
"Our clients are increasing their focus on counterparty risk and cash flow management," said Bruce Proctor, head of Global Trade and Supply Chain Finance at Bank of America Merrill Lynch, in a news release announcing the new product. "They are under pressure to unlock working capital trapped in the supply chain and to optimize their cash conversion cycle. Trade Pro will significantly add to a company's ability to successfully execute their cash management strategy."