Bank of America Merrill Lynch, a leader in global payments and transaction services, and Earthport (AIM:EPO), the cross-border payments service provider and existing key supplier for the bank, today announced a multi-year agreement to significantly expand Bank of America Merrill Lynch's low-value clearing capabilities globally, and to advance the efficiency of its high-volume, low-value payments.
The agreement provides the bank's global corporate client base with a greater number of solutions in more countries to help them process payments around the world.
Under the agreement, Bank of America Merrill Lynch's corporate clients will have increased access to the cross-border payments capabilities needed to enhance their global competitiveness. The bank's clients will benefit from an expanded set of countries as well as faster, more transparent and cost-efficient payments that are deeply integrated with Bank of America Merrill Lynch's robust FX solutions.
The strategic agreement continues Bank of America Merrill Lynch's expansion of international capabilities, which is in keeping with the firm's commitment to serve its clients wherever in the world they do business, and to ultimately support their long-term goals.
"Our clients are asking us to help them quickly enter new markets across the globe. In many cases, a low-value international payment vehicle perfectly suits their needs. The situation reflects the increasing trend for clients to ask for financial products and services that support new models, rather than services designed for a different purpose, in a different era," said Ather Williams III, head of Global Payments for Bank of America Merrill Lynch. "We are pleased that the agreement with Earthport will deepen our ability to provide clients with industry-leading solutions."
"Having signed an initial agreement with Bank of America Merrill Lynch in December 2012 for a specific payments service in North America, I am delighted today to announce the progression of this relationship, and the signing of a worldwide contract," said Hank Uberoi, chief executive officer of Earthport. "The new contract with Bank of America Merrill Lynch marks a commitment to a long-term strategic relationship, and represents a large and international strategic opportunity across several of Bank of America Merrill Lynch's payments services. We look forward to continuing to work together to provide leading payment products to its corporate customers."
With local clearing capabilities in more than 60 countries and an efficient and transparent cross-border payments service, Earthport is uniquely positioned to support Bank of America Merrill Lynch in advancing its share of the global low-value payments market.