Bank of America Merrill Lynch today announced the creation of a strategic platform to enhance the delivery of its global liquidity product offering.
The new Global Liquidity Platform is a centralized technology hub that enables the company to provide consistent, seamless and integrated liquidity solutions to clients around the world.
The Global Liquidity Platform encompasses operational, liquidity and product-specific components, or modules, that offer clients robust liquidity concentration products, global account connectivity and enhanced reporting capabilities. BofA Merrill embarked on this multi-million dollar platform last year as part of the bank's commitment to innovative technology for its treasury management and corporate banking clients.
"As the financial climate has changed, our clients have become increasingly savvy about their liquidity needs and cash concentration structure," said Greg Kavanaugh, head of Global Liquidity, Pricing and Segment Integration at BofA Merrill. "The new Global Liquidity Platform gives clients access to a truly global product offering and enables the bank to bring new products to market faster and more efficiently. With a modular approach that operates through a single hub, we are eliminating dependency on multiple account platforms."
The power of the new Global Liquidity Platform is evident with Interest Optimization, which BofA Merrill launched in April. Interest Optimization creates an end-of-day global position of client balances, which is important for client accounts held in multiple currencies in countries and regions around the world. Interest Optimization takes that global view of balances into consideration when determining interest benefit to the client.
"Bank of America Merrill Lynch is dedicated to delivering innovative global liquidity solutions to clients in a timely fashion," Kavanaugh said. "This platform allows us to provide solutions to help our corporate and commercial clients do business across the globe."