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BofA Merrill’s Trade Pro® Wins Award From Banking Technology
Named Best Use of IT in Wholesale/Transaction Banking
NEW YORK – Bank of America Merrill Lynch, a recognized leader in global treasury and trade solutions, today announced that its online portal Trade Pro®has been awarded “Best use of IT in Wholesale/Transaction Banking” in the Banking Technology magazine 2013 Awards.
Launched in March 2012, Trade Pro is an electronic platform used by large corporate and middle market companies that seek to enhance their trade and financial supply chain operations. The application is delivered via CashPro® Online, the bank’s award-winning online banking channel for corporate clients.
The Banking Technology Awards are judged by a panel of experienced industry veterans on a range of criteria, such as the return on investment and the competitive edge gained by the product. David Bannister, editor of Banking Technology said, “Making it to the shortlist is an achievement in itself. Bank of America Merrill Lynch’s Trade Pro stood out this year as a comprehensive global solution to the problems corporations are facing with trade and supply chain management.”
Trade Pro has grown rapidly in 18 months, and today has more than 18,000 registered users in over 40 countries. A Supply Chain Finance module was introduced in October last year, and since its launch, the module has supported supply chain finance programs involving buyers and/or suppliers in over 25 countries.
Trade Pro was developed through close consultation with clients and represents a significant commitment by the bank to provide a fully integrated online trade experience.
Using Trade Pro, clients and their counterparties are able to achieve the following:
- Gain faster access to both funds and information related to global trade finance and supply chain activities.
- Create, manage, and view a full range of documentary and open account-based trade transactions with ease, including invoice financing transactions.
- Increase performance and efficiency by transitioning from paper to electronic processing with a customizable, easy-to-use platform.
- Optimize working capital for both treasury and trade transactions through a single portal, as Trade Pro is fully integrated with BofAML’s treasury portal (CashPro).
“We’re delighted that Trade Pro won Banking Technology’s 2013 Award for Best Use of IT in Wholesale/Transaction Banking,” said Bill Pappas, CIO of Global Wholesale Banking Technology and Operations. “We’re continually listening to our clients to understand how we can make it easier for them to do business with us. Today, we offer a fully integrated, secure, full-service online portal that provides clients with access to all of their trade finance (Trade Pro) and banking (CashPro Online) solutions in 11 languages, enabling a full treasury and trade view.
“It is very satisfying to receive industry recognition about Trade Pro,” said Bruce Proctor, head of Global Trade and Supply Chain Finance at Bank of America Merrill Lynch. “With Trade Pro and the Supply Chain Finance module, our clients and their suppliers – regardless of where they are located around the globe – can manage their risk while freeing up working capital. It’s a powerful, practical tool that directly helps businesses streamline their internal processes and reduce costs.”
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. We serve approximately 51 million consumer and small business relationships with approximately 5,200 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active users and more than 14 million mobile 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 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 and Merrill Lynch Professional Clearing Corp., all of which are registered broker‑dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
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