BofA Adds New Capabilities to Global Liquidity Platform
Today Bank of America expanded the capabilities of its global liquidity platform, including global physical cash concentration tools that give clients greater ability to move funds between accounts through automation and sophisticated information reporting.
The offering follows on the bank's earlier multi-bank cash concentration product released in October, and the new combination will offer corporate and commercial clients an integrated global liquidity management solution that will cover a variety of fund movements, including domestic, cross-border, cross-region, and multi-bank.
The physical cash concentration "provides our clients global consistency in an automated end-to-end solution for liquidity management," says Greg Kavanaugh, head of the global liquidity product team at Bank of America Merrill Lynch, adding that the new platform includes more than 30 selectable parameters that can be customized to clients' liquidity structures to assist in meeting their cash needs both on an intraday and end-of-day basis.
By offering flexibility on the physical location of clients' concentration accounts and supporting all currencies in which BofA offers deposit accounts, the platform will also allow clients the ability to identify excess operating cash for additional investment, repatriation, and paying down debt through consolidated cash positions.
BofA sees the development as holding future potential for growth, as well. "With the investment we've made in establishing a single worldwide system, we are now in a position to rapidly deploy new and advanced liquidity tools and techniques as market trends and client requirements evolve," says Kavanaugh.
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