Cash And Trade Magazine For Cash and Trade professionals in the Middle East
February 5, 2013
Bank of America Merrill Lynch Launches CashPro Accelerate® in Asia Pacific
Innovative Cash Management Reporting Solution Rolled out in 12 Markets
HONG KONG — Bank of America Merrill Lynch Global Transaction Services (GTS) today announced the launch of the CashPro Accelerate® reporting solution across Asia Pacific. CashPro Accelerate is now available to treasury management clients in 12 markets in Asia Pacific – Australia, China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand.
Combining Microsoft® Excel with XML technology, CashPro Accelerate empowers clients in Asia Pacific to accurately and efficiently manage global cash positions via timely data processing. The key benefits of the solution include streamlined cash position reporting, reduced manual processing, enhanced reconciliation functions, automated cash journal entries, account management across various banks and customized data templates.
“Bank of America Merrill Lynch GTS’ deepening commitment to the Asia Pacific region relies on our people and our platforms. The Asia Pacific launch of CashPro Accelerate is a primary example of the investment made by Bank of America Merrill Lynch to provide our regional clients with globally minded and locally relevant solutions to effectively manage treasury activities,” said Ivo Distelbrink, head of Global Transaction Services, Asia Pacific.
In tandem with the official launch of CashPro Accelerate in Asia Pacific, Bank of America Merrill Lynch GTS today also announced the solution implementation for POSCO Investment Co. Limited (Hong Kong), a subsidiary of POSCO, South Korea’s largest steel manufacturer. The implementation of CashPro Accelerate by POSCO Investment Co., which serves as a pilot client, complements its existing treasury management relationship with the bank in Asia Pacific.
“CashPro Accelerate is a core component within our ongoing drive to streamline reporting and minimize manual data entry. Partnering with Bank of America Merrill Lynch, we are confident of enhancing our cash reporting processes and maximizing visibility through this innovative solution,” said Kim Beom Jin, director of POSCO Investment Co. Limited.
CashPro Accelerate integrates with CashPro® Online, Bank of America Merrill Lynch’s web-based banking and financial management solution, to retrieve bank account data and provide around the clock access to information. The solution works in tandem with CashPro Online’s Information Reporting module, through which clients can work online to access and analyze account information.
“CashPro Accelerate is ideal for a wide range of clients – from small businesses to large corporates – who want to leverage automation to eliminate the time it takes to manually calculate their cash position, freeing up time to spend analyzing the data, ” said Cindy Murray, head of Global Treasury Product Infrastructure, Platforms and eCommerce.
In January, Global Finance magazine named CashPro Accelerate as Best Provider of Treasury Analytics in its World’s Best Treasury and Cash Management Providers 2013 awards.
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 53 million consumer and small business relationships with approximately 5,500 retail banking offices and approximately 16,300 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 3 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.
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