Bank of America Merrill Lynch opens Canadian lockbox service

Companies receiving payments in Canada can now utilize lockbox processing that is consistent with the same service BofA Merrill has long offered clients in the United States.

BofA Merrill has previously offered lockbox processing in Canada through a third-party servicer. By becoming a direct provider, BofA Merrill can now offer clients in Canada various benefits already experienced by clients in the U.S., where the firm holds the largest wholesale lockbox share according to the 2011 Ernst & Young Cash Management Services Survey.

"Canada has been and continues to be an important market for BofA Merrill," said Dub Newman, head of North America Global Transaction Services. "We are very pleased to now be able to provide a lockbox experience in Canada that is consistent with what our clients have enjoyed in the U.S. This will be especially beneficial to those clients with operations in both countries. We also believe companies that operate solely in Canada will find our new offering to be superior to what has previously been available to them in the marketplace."

Beginning this week, new lockbox clients in Canada will receive the proprietary service. Existing Canada lockbox clients will be converted to the new service in the coming months. This service will be offered through Bank of America, N.A., Canada Branch.

"Our new Canada lockbox service will help our clients access their funds more quickly, using lockbox mail locations across Canada to help reduce the time it takes for checks to reach their accounts," said Rodney Gardner, head of Global Receivables. "We will provide same-day availability of Canadian dollar and U.S. dollar funds and offer comprehensive information reporting using our worldwide global access channel, CashPro® Online."