Bank of America Merrill Lynch Unveils Supply Chain Module on Electronic Platform, Trade Pro®
Enhanced Technology to Benefit Both Buyers and Suppliers
NEW YORK--(BUSINESS WIRE)-- Bank of America Merrill Lynch, a leading provider of global transaction services, today unveiled its online supply chain finance module available on Trade Pro. Launched in March this year, Trade Pro is the trade processing application within CashPro® Online, the online banking channel for corporate clients. The new module, Trade Pro Supply Chain Finance, offers buyers and suppliers around the world a powerful, collaborative tool and leading-edge technology to manage risk while freeing up working capital, streamlining business processes and reducing the costs associated with supply chain management.
The release of the new supply chain finance capabilities is an exciting development of our Trade Pro application, said Bruce Proctor, head of Global Trade and Supply Chain Finance at Bank of America Merrill Lynch. The new module will help our buyer clients and their suppliers efficiently manage their cash flow by allowing faster access to funds and information, which will ultimately assist them in optimizing their working capital.
A key feature of Trade Pro Supply Chain Finance (SCF) includes an improved user interface, enabling immediate access to critical supply chain finance data that will aid companies in decision making and auditing. The module, which is available in nine languages, offers robust online reporting, allowing suppliers to create dynamic reports on a scheduled or ad hoc basis.
Trade Pro SCF allows buyers and suppliers to equally leverage the tool based on their internal systems, capabilities, and financial objectives by:
- Submitting invoices and credit memos to efficiently manage and initiate discount offers.
- Selecting flexible business rules to automate and streamline approval process.
- Dynamically managing invoice and credit memo details through notifications, data mining, and reporting.
- Collaborating with their counterparty to resolve discrepancies, or execute transactions through real-time notifications of key supply chain finance events such as availability of invoices for discounting.
To learn more, visit the Global Trade and Supply Chain Finance website at http://corp.bankofamerica.com/business/ci/trade-supplychain.
Bank of America (BAC)
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 56 million consumer and small business relationships with approximately 5,600 retail banking offices and approximately 16,200 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 a member of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
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Source: Bank of AmericaCopyright Business Wire 2012