Bank of America GTS Expands Payables Capability in China, Korea
Bank of America’s Global Treasury Services (GTS) division is expanding the Payables component to its cash management service in China via a dedicated host-to-host electronic link with the Industrial and Commercial Bank of China (ICBC). The new integration allows Bank of America clients to benefit from ICBC’s extensive network outside Shanghai, BoA said, and provide clients with ‘enhanced data integrity and rapid turnaround times’. BoA also announced its membership in Korea’s Giro system. The Korea Giro enables 36,000 institutions (mainly corporations and government agencies) to execute payments and collections and directly transfer funds between accounts at the participating banks (instead of exchanging cash or cheques). This allows all participating bank branches to act as a paying or receiving window. The system supports Paper Based Giro (pre-printed and encoded paper instruments paid over the banks’ counter), Electronic Direct Credits (at the request of the payer, funds are transferred from the payer’s account into the recipient’s account) and Direct Debits (based upon a mutual agreement, charges are collected from the account of the payer to the account of the billing institution).