BofA Merrill Enhances Canadian Lockbox Capability
Bank of America Merrill Lynch (BofA Merrill) has launched a proprietary lockbox service in Canada. Companies receiving payments in Canada can now use lockbox processing that is consistent with the same service BofA Merrill has offered clients in the US.
BofA Merrill has previously offered lockbox processing in Canada through a third-party servicer. By becoming a direct provider, BofA Merrill can now offer clients in Canada various benefits already experienced by clients in the U.S., where the firm holds the largest wholesale lockbox share according to the 2011 Ernst & Young Cash Management Services Survey.
“Canada has been and continues to be an important market for BofA Merrill,” said Dub Newman, head of North America global transaction services. “We are very pleased to now be able to provide a lockbox experience in Canada that is consistent with what our clients have enjoyed in the US. This will be especially beneficial to those clients with operations in both countries. We also believe companies that operate solely in Canada will find our new offering to be superior to what has previously been available to them in the marketplace.”