Bank of America Merrill Lynch to Join CHAPS Scheme 4Q10
Bank of America Merrill Lynch (BofA Merrill) will become a direct member of UK sterling high value clearing system – Clearing House Automated Payment System (CHAPS). Membership is expected to take effect in the fourth quarter of 2010.
“In line with Bank of America Merrill Lynch’s strategy to strengthen the European business and be corporates’ bank of choice, we needed to create direct access to global High Value Clearings,” said Carole Berndt, head of global treasury services, Europe, the Middle East and Africa (EMEA). “We are already a direct high value clearer in US dollars and euros – sterling was the next step in continuing to bring the best transaction capability to our clients by offering a competitive treasury proposition. The move strengthens our position as a global bank within the global payments market.
BofA Merrill has a multi-year investment in new technology as part of the company’s continued focus on treasury management, corporate banking and other businesses in key global markets.