BoA Merrill Launches CashPro Accelerate in Asia-Pacific
Bank of America Merrill Lynch Global Transaction Services (BoA Merrill GTS) has launched its CashPro Accelerate reporting solution across Asia-Pacific. It is now available to treasury management clients in 12 markets in the region: Australia, China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand.
The product combines Microsoft Excel with extensible markup language (XML) technology, enabling corporate treasurers in Asia- Pacific to accurately and efficiently manage global cash positions via timely data processing. Key benefits include streamlined cash position reporting, reduced manual processing, enhanced reconciliation functions, automated cash journal entries, account management across various banks and customised data templates.
In tandem with the launch, BoAML GTS also announced the solution implementation for POSCO Investment Co. (Hong Kong), a subsidiary of POSCO, South Korea’s largest steel manufacturer. The implementation of CashPro Accelerate by POSCO Investment, which serves as a pilot client, complements its existing treasury management relationship with the bank in Asia-Pacific.
CashPro Accelerate integrates with CashPro Online, BoAML’s web-based banking and financial management solution, to retrieve bank account data and provide around the clock access to information. The solution works in tandem with CashPro Online’s information reporting module, through which clients can work online to access and analyse account information.