Bank of America Merrill Lynch has increased its international payments capabilities via its CashPro online and file-based banking portal. CashPro users can make cross-currency automated clearing house (ACH) payments to 60 countries and in 22 currencies, creating an easier and more cost-effective way for companies to pay vendors, contractors and customers.
The bank added that ACH payments use country-specific clearing systems and are ideal for low-value or recurring payments. Although BofAML previously offered these capabilities, they were limited to a small number of clients. Today, thousands of clients can use CashPro to send payments to individuals or businesses in dozens of countries and in numerous currencies. CashPro users can also access a global suite of payments solutions, including wire transfers for urgent and high-value payments, high-volume payments, digital disbursements, card solutions and ePayables and receipts management.