Bank of America Merrill Lynch today announced an agreement that will create a world-class investment application to be integrated with the bank's next-generation treasury management portal, CashPro Online.
CashPro Invest will be developed through an agreement with Cachematrix, a leading provider of custom trading solutions for global financial institutions. When available later this year, the new order entry, research and reporting application will provide more efficiency and give clients a higher level of service in investment activities.
"By leveraging the latest technology and best practices, CashPro Invest will deliver the investment capabilities that our clients expect from an industry-leading financial services firm," said Fred Berretta, Global Liquidity Solutions executive at Bank of America Merrill Lynch. "This new application will offer clients improved navigation, faster speed and other benefits, and serves as another example of Bank of America Merrill Lynch's ongoing investment in innovation and commitment to global expansion."
CashPro Invest will be integrated with CashPro Online, the new treasury management portal that Bank of America Merrill Lynch launched in 2009. CashPro Invest will be provided through the Bank of America's investment banking affiliates - Banc of America Securities LLC and/or Merrill Lynch, Pierce, Fenner & Smith Incorporated. CashPro Online also will be enhanced over the next year with new payments and information reporting applications.
Cachematrix currently hosts a separate investment account management application within Bank of America Merrill Lynch called MoneyMarkets Express. Clients now using that platform, as well as those using another existing investment application, will migrate to CashPro Invest starting later this year.
"We're pleased to build on our existing relationship with Bank of America Merrill Lynch and welcome the opportunity to help create a leading investment application in CashPro Invest," said George Hagerman, CEO of Cachematrix.
Bank of America Merrill Lynch embarked on a multi-year investment in new technology as part of the bank's expansion of treasury management, corporate banking and other businesses in key global markets.