Bank of America Merrill Lynch Wins Celent Model Bank Award

Published on Wednesday, 13 June 2012 10:04 Written by TradersHuddle Staff

NEW YORK-( Business Wire )-

Bank of America Merrill Lynch today received a 2012 Model Bank award from Celent, the financial services research and consulting firm, for the development and deployment of its global payments hub, CashPro^® Payments. The service, introduced in late 2011, utilizes a sophisticated payment infrastructure to provide BofA Merrill clients with integrated global payments connectivity around the world.

Through CashPro Payments, clients can initiate several types of payments through a single application. CashPro Payments delivers streamlined workflow with enhanced straight-through processing, rule validation, global routing codes, competitive foreign exchange rates, local languages, customizable display and ad hoc, template and file-import-based payment processing.

The Model Bank award was presented to BofA Merrill today during Celent’s fifth-annual Banking Innovation & Insight Day in Charlotte.

“Bank of America Merrill Lynch was chosen as a Model Bank for its CashPro Payments initiative because it delivered a marked improvement in the customer experience alongside dramatic savings for the bank through straight-through processing,” said Bob Meara, senior analyst with Celent's Banking Group. “Moreover, it was implemented in a complex, multi-country, multi-payment environment."

CashPro Payments is part of CashPro Online, BofA Merrill’s worldwide client access channel that delivers banking services through a single portal and password.

“We developed CashPro Online based on close consultation with our clients, and CashPro Payments is a big part of our shared vision for the industry’s best banking experience,” said Cindy Murray, head of Infrastructure, Platforms and eCommerce for BofA Merrill Global Treasury Solutions. “We are honored that Celent has recognized CashPro Payments as a differentiator in the eCommerce marketplace.”

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and member of FINRA and SIPC, and, in other jurisdictions, a locally registered entity. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

Copyright 2012 Bank of America Corporation.

For more Bank of America news, visit the Bank of America newsroom.

www.bankofamerica.com

Reporters May Contact:Will Wilson, Bank of America Merrill Lynch, This e-mail address is being protected from spambots. You need JavaScript enabled to view it.