Bank of America trades wire transfers for environmental rewards

Bank of America trades wire transfers for environmental rewards

Bank of America has launched Eco-Deduct, an environmental rewards scheme that will see it make donations to a conservation charity for new and increased use of its US$ commercial wire transfer service.

Banks based outside the US that don't have access to the US clearing system use banks such as BoA to process US$ commercial payments, including wire transfers, that are ordered by their customers. Under the new scheme BoA says it will reward new and increased volumes of US$ commercial wire transfer payments by making donations to The Nature Conservancy.

Through Eco-Deduct, the bank will donate 25 cents to The Nature Conservancy for each payment from a new client or each payment that represents added volume from existing clients.

Participating clients will choose one of four schemes supporting conservation and climate change work in Australia, Brazil, Costa Rica and parts of Africa. Customers will also receive regular detailed reports regarding the progress of their chosen project.

Commenting on the scheme, Catherine Bessant, president of Bank of America Global Product Solutions, says: "Eco-Deduct is an innovative rewards program that supports The Nature Conservancy's mission of conserving wildlife habitats and addressing climate change."

Participation in the scheme is voluntary for financial institution clients, but BoA says it will cost nothing to participate as it will make the contributions without any increase in client fees.

Earlier this year BoA made an undisclosed investment in Philadelphia-based Field Diagnostic Services (FDSI) and said it would deploy the firm's energy management technology across thousands of US branches to reduce greenhouse gas emissions and cut energy costs in half.

In March 2007 BoA announced a $20 billion, 10-year environmental initiative to address climate change by implementing sustainable business practices through innovative lending and investment strategies, new financial products and services and operations.

At Sibos, the bank's stand is made from locally-sourced, recycled material and components that can be packed up and re-used at other trade shows. The bank has also shunned the glossy printed brochure in favour of a screen-based and e-mail delivery system for delegate marketing collateral.

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