BofA Merrill Releases Multi-bank Cash Concentration on Liquidity Platform
Bank of America Merrill Lynch (BofA Merrill) has released multi-bank cash concentration (MBCC) via its centralised technology hub, the Global Liquidity Platform (GLP). The capability enables companies that work with a number of different banks, both local and global, to automatically incorporate balances held by all of those banks into a single cash concentration structure operated by BofA Merrill.
MBCC is the latest addition to the GLP offering that allows clients to use BofA Merrill’s suite of liquidity products on a worldwide basis, regardless of their physical location.
“We’re pleased to now offer through the GLP a powerful tool that helps clients improve visibility and control over their global cash balances, thereby maximising the interest earned on their working capital,” said Greg Kavanaugh, head of global liquidity in the global treasury solutions group. “In addition, MBCC helps companies manage their counterparty limits and sovereign exposure, which in the current economic environment, continues to be a focus for many of our clients.”