Bank of America Merrill Lynch to launch corporate Swift service bureau
26 October 2010 | 13111 views | 0
Bank of America is to create a global Swift Service Bureau to provide its corporate clients with outsourced access to the Swift financial messaging network.
The BAML Brueau will be operated and managed by vendor partner BankServ through a white label agreement and will provide software, hardware, and integration services for the bank's Fortune 1000 clients..
"BofA Merrill was one of the pioneering banks and a current leader in supporting corporate Swift connectivity," says Cindy Murray, ecommerce executive at BofA Merrill. "We have advised and supported some of our largest corporate clients in this complex effort, and now we can extend our advisory role by providing a cost-effective, reliable and secure service bureau alternative."
The Bureau uses middleware technology to perform the message transformation required for straight-through processing between any corporate back-office system and any number of banks, she says.
BankServ also provides the required Swift expertise, professional project management and implementation services, as well as round-the-clock technical support for ongoing upgrades, disaster recovery and general maintenance.