Source: Bank of America Merrill Lynch
The Global Transaction Services business at Bank of America Merrill Lynch today announced it has completed the consolidation of client transaction banking data from multiple systems into a single centralized data repository.
Reaching this milestone positions BofA Merrill to offer significantly enhanced information reporting and analytics capability to its clients who access their bank data via the CashPro® Online, CashPro Connect or CashPro Mobile channels.
The centralized repository allows clients to search across all Bank of America, N.A. accounts and selected accounts at other banks. System users can now look up transactions from the previous 365 days by various fields including payee, amount and date without needing to determine which account was utilized for the transaction.
"This reporting hub enables us to transition our information reporting services to an enhanced client-centric model," said Cindy Murray, head of Global Treasury Product Platforms and e-Channels. "Clients now have much greater control over and increased flexibility with how they want to see the data and generate reports. Their reporting details will be configurable by individual client, and can change as their own company's needs evolve with system integration and upgrades. The end result will be a movement from reporting systems to reconciliation platforms with improved visibility, flexibility and responsiveness."
With the data consolidation complete, BofA Merrill will continue to help clients utilize its data services to provide insight into their treasury banking operations.
"The focus will be on actionable data, such as identifying patterns that help clients uncover opportunities for efficiencies," said Murray. "For example, a client will be able to determine their percentage of usage of low value vs. high value vs. check payments over a specified time period. Additionally, clients who receive reconciliation files for posting in their enterprise resource planning system can leverage robust data options, structured to facilitate straight through reconciliation."
BofA Merrill has been an industry leader in advancing information reporting capability through leadership roles in standards organiganizations such as the International Standards Organization (ISO) 20022 XML Common Global Implementation initiative and the Accredited Standards Committee X9, which is implementing the Balance and Transaction Reporting Standard (BTRS). BofA Merrill expects to be the first bank to offer BTRS later this year.