8 Innovators Shaping the Future of Payments
Bank of America Merrill Lynch: A Good Corporate Citizen
Bank of America Merrill Lynch ($2.13 trillion in assets) processes more than 4 billion global electronic payment transactions annually, not to mention an even greater volume of checks. With such a large and widespread customer base, the Charlotte, N.C.-based bank has developed a number of solutions for global corporate payments. Among those products is Paymode-X, an all-digital, online payment and invoicing system released in 2010 that enables clients to receive electronic invoices and send electronic payments with detailed remittance data to and from suppliers, customers and employees.
The bank also has made significant investments in its CashPro suite of treasury management services. CashPro Connect is a multicurrency solution that facilitates global origination of all payment types with corresponding online acknowledgements and reporting. CashPro Payments serves as a global payments hub that facilitates multiple payments types, including wire transfers and ACH. The bank also offers a CashPro mobile product, which allows clients to complete actions such as approving payments and authorizing account access via a mobile device. --B.Y.