Bank of America Announces Trade Direct Pilot Program in Asia
Bank of America’s Global Treasury Services (GTS) division announced that Trade Direct Services, its Web-based international trade activity management product, is being piloted in Asia and will roll-out to the greater marketplace later this year. Trade Direct Services is the latest component of Bank of America Direct, a transaction and information platform that allows clients to manage payments, receipts and treasury activity via the Internet. The addition of Trade Direct Services to this existing platform will provide a new level of integration between treasury and trade services for Bank of America clients in Asia. Trade Direct has been given preliminary approval for use in Hong Kong and Singapore. Bank of America expects approval for implementation in other Asian countries in the near future. Trade Direct Services will provide straight-through processing for the full range of international trade products including import, export and standby letters of credit, collections and purchase order processing, adding additional functionality with a phased approach.