Cash & Liquidity ManagementCash ManagementCash Management RegionalBofA Merrill and China UnionPay Launch Cash Management Alliance

BofA Merrill and China UnionPay Launch Cash Management Alliance

Bank of America Merrill Lynch (BofA Merrill) Global Transaction Services (GTS) and China UnionPay (CUP) announced the launch of their cash management alliance in mainland China.

BofA Merrill is the first foreign bank to launch a dedicated cash management alliance with CUP, the only bankcard association established under the approval of the State Council of the People’s Republic of China and the People’s Bank of China (PBOC).

The alliance enables GTS cash management clients to pay into and debit out of individual, small business and corporate accounts across multiple banks in mainland China. Through the alliance, GTS leverages CUP’s network to support payment services, as well as collections via merchant acquiring.

The services provided within the alliance also include direct debit collection and direct disbursement. The launch of the alliance follows the memorandum of understanding (MOU) and master agreement signed by BofA Merrill and CUP to provide cash management services in China in 2012.

Separately, BofA Merrill has been chosen by Outback Steakhouse, a subsidiary of Bloomin’ Brands, to provide a comprehensive suite of cash management solutions for its first company-owned location in Shanghai. Under the terms of the agreement, BofA Merrill will serve as one of the restaurant’s cash management banks in China, utilising its CUP alliance, to provide enhanced localised solutions, including daily collections, merchant services, account management and electronic payments (e-payments).

Related Articles

Make way for the millennial accounts payable activist

Accounts Payable Make way for the millennial accounts payable activist

1w Nilay Banker
Rising rates put pressure on accuracy of cash forecasts

Cash Management Rising rates put pressure on accuracy of cash forecasts

3m Conor Deegan
Burn those spreadsheets - and 4 other ways that treasurers can help their CFOs sleep better

Automation Burn those spreadsheets - and 4 other ways that treasurers can help their CFOs sleep better

3m Bob Stark
How to forecast cash flow: what software should I use?

Cash Forecasting How to forecast cash flow: what software should I use?

3m Michael McCaw
What is the function of corporate treasury?

Cash Management What is the function of corporate treasury?

3m Michael McCaw
China’s regulatory changes stimulate international interest

Asia Pacific China’s regulatory changes stimulate international interest

4m Michael McCaw
Treasury TV: Jill Harrison, Whitbread Plc

10 Minutes With The Treasury Treasury TV: Jill Harrison, Whitbread Plc

4m Victoria Beckett
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

4m Conor Deegan