Bank of America Merrill Lynch has added a data analytics enhancement to its AutoFX automated currency conversion platform. The new capability is designed to make settlements faster, less expensive and more certain for the sending bank. AutoFX now also allows users to customize criteria for automated conversion.
AutoFX enables a bank sending a cross-border payment on behalf of its client to have BofA Merrill automatically convert the payment into the recipient’s local currency. The integration of new data analytics better enables AutoFX to quickly qualify eligible transactions that are destined for beneficiaries with local currency accounts.
David Kretz, head of Global Payments in Global Transaction Services (GTS) for BofA Merrill, said: “As the economy continues to grow more global, the ability to provide services such as automated currency conversion will become more essential for local and regional banks.”
Executing wire payments to foreign beneficiaries is standard in today’s global economy. However, many smaller banks lack the infrastructure, the accounts and the mechanisms to handle the currency conversions themselves. With AutoFX, the sending bank no longer needs to rely on the recipient bank to convert the currency. Instead, the conversion happens prior to delivery.
“As new technologies evolve and impact global commerce, cross-border payments must keep pace,” said Stephanie Wolf, head of Financial Services Companies and Governments for GTS. “In that context, we’ll continue to roll out innovations that enhance the value chain to our financial institution clients, and ultimately their own clients.”
BofA Merrill’s AutoFX offers global reach to up to 89 countries and 41 corresponding currencies. The platform uses machine learning to better evaluate each eligible transaction and convert those destined for beneficiaries with local currency accounts.