Bank of America Launches Global Advice™ Payment Information System
Bank of America announced that it can provide detailed payment information to corporate trading partners through a Web-hosted Internet site. The bank’s new Global Advice™ service is an extension of the bank’s existing payment outsourcing capabilities and gives corporations an effective alternative to deliver both payment and detailed payment advice information to all of their trading partners electronically — regardless of the trading partner’s size or technological sophistication. Corporate-to-corporate payments can include vast amounts of detailed information that are often truncated by today’s electronic payment systems such as the Automated Clearinghouse of Fed wire transfer. Trading partners can now download this information from the Web. The service features pro-active e-mail notification to trading partners of incoming payments information and has the ability to aggregate all payment information for trading partners doing business with multiple Bank of America clients. Future enhancements will include payroll, travel and expense reimbursement information to employees and explanation of benefits information for health care providers receiving payments from health care insurers.