Bank of America to provide The World Bank with pan-European Cash Management Solution
The scope of the relationship with the world’s largest multilateral development bank includes euro and other currency payments, investment services, treasury services, foreign exchange and derivatives. ‘Our global approach will reduce the number of banking relationships and resulting account statements that The World Bank must reconcile, from 15 to 20 banks in most Euro zone countries down to one,’ said Oliver Moss, senior sales officer, Global Treasury Services – International Government. ‘Our consolidated service will give The World Bank more efficient account reconciliation, increase operational and cost efficiency and provide centralized customer service – on one global platform. It will have one access point for its accounts in the Euro zone,’ Moss said. In addition to the euro account, Bank of America will also maintain an operating account for The World Bank’s new accounts payable processing center in Chennai, India.