Bank of America Merrill Lynch is releasing an upgrade to its trade finance processing tool in an effort to help corporate treasurers streamline document management.
In a release issued this week, Bank of America announced that its CashPro Trade application has now integrated data capture technology for document identification and retrieval capabilities.
“Trade and supply chain finance are critical components of the integrated working capital solutions we offer our clients,” said the bank’s head of global transaction services, Ather Williams, in a statement. “The latest update to CashPro Trade is another demonstration of our investment in this solution set, which our clients around the world increasingly value.”
The upgrade recognizes metadata within invoices and other documents during document searches, Bank of America said. Other features are geared towards facilitating document identification for auditing and transaction approval purposes.
Percy Batliwalla, head of global trade and supply chain finance at the bank, pointed to the issues companies face when relying on paper methods in their trade finance procedures.
“An historically paper-intensive market, trade finance naturally benefits from automation and digitization that CashPro Trade offers,” the executive stated. “The improvements to CashPro Trade meet our objective to simplify the way our clients transact, report and manage their business, regardless of where they are located.”
The institution noted that the integration of new data capture technology was a response to customer input on where treasurers face friction in their supply chain finance operations.