Bank of America Merrill Lynch announced Thursday (Feb. 2) that it has substantially increased its international payments capabilities via the bank’s online and file-based banking portal CashPro.
In a press release, Bank of America said tens of thousands of CashPro users can now make cross-currency ACH payments in 60 countries and in 22 currencies. Bank of America said it has created an easier and more cost-effective way for companies to pay vendors, contractors and customers. The bank noted that ACH payments are ideal for low-value and/or recurring payments. While the capabilities were offered in the past, Bank of America said it was only available to a small number of clients.
“Our enhancement of CashPro with the ACH payments capability is perfectly timed given the exponential growth of global payments around the world. Clients can now process their cross-border payments in a convenient and economical way,” said Ather Williams, head of Global Transaction Services, in the press release. “Through this and other innovations, we strive to maintain our position as the provider of choice for companies with increasingly complex cash management needs.”
Bank of America Merrill Lynch clients can access the new payments capability through CashPro Payments or CashPro Connect. The payments can be made to either individuals or businesses.
“We are pleased to add this expanded cross-currency payment method to CashPro,” said Hilani Kerr, head of Global Cross-Currency Product, in the same press release. “These critical enhancements were made in direct response to client demand and represent another important step in our mission to help break down the barriers for companies to make low-value payments around the world.”
In addition to cross-currency ACH, customers of CashPro can access a suite of payment solutions, such as wire transfers for urgent, high-value payments and high-volume payments, among other things.