BofA Merrill Obtains SWIFT Bank Readiness Certification
Bank of America Merrill Lynch (BofA Merrill) has achieved the Bank Readiness Certification from SWIFT. With this new status, the bank joins SWIFT’s online database, giving corporate customers information on the SWIFT capabilities of their banking partners.
Corporate customers using SWIFT range from mid-sized companies with simple cash management structures dealing with a few banks locally to large corporations deploying sophisticated payments and collections working with multiple banks globally. By using SWIFT, corporate customers can automate and standardise financial transactions with their banking partners, allowing for improved visibility and control of cash flows as well as improved risk management. The certification provides these customers with insight into the readiness of their banking partners, allowing them to realise fully the benefits of their SWIFT connection.
“The SWIFT Bank Readiness Certification programme is an important process that validates a bank’s SWIFT capabilities to its corporate customers,” said Elie Lasker, SWIFT’s head of corporate market. “It eliminates uncertainty and makes it easier for corporate customers to make decisions related to SWIFT. The addition of BofA Merrill to the ‘bank ready’ list is a great achievement that will help raise awareness and adoption of the SWIFT for Corporates offering.”