Source: Bank of America
Bank of America Merrill Lynch today announced that its trade finance processing application, Bank of America Merrill Lynch CashPro Trade, is now powered with innovative technology to assist clients with document identification and retrieval.
The enhancement, which is part of the bank’s ongoing commitment to simplifying trade transactions, significantly streamlines the typically tedious, manual process of document identification through the use of data capture technology.
“Trade and supply chain finance are critical components of the integrated working capital solutions we offer our clients,” said Ather Williams, head of Global Transaction Services at Bank of America Merrill Lynch. “The latest update to CashPro Trade is another demonstration of our investment in this solution set, which our clients around the world increasingly value.”
BofA Merrill engaged numerous clients for their direct input on which new capabilities CashPro Trade would best solve their challenges. Betsey Terry, manager of Merchandise Operations for Gymboree, an international retailer of high-quality apparel and accessories for children, commented on the new functionality, “The document images module is a great example of the bank’s willingness to listen, and to deliver an enhancement that leverages new technologies to streamline our processes. We appreciate their focus on the client experience as it has certainly made a difference.”
The new data capture technology allows for metadata, such as invoice numbers and dollar amounts, to be recognized during a document search. The tool automatically displays descriptive links. This allows clients to more easily identify and link documents that are required for auditing and transaction approval. The result is a simpler and better client experience that improves supply chain efficiency while enabling more effective working capital management.
“An historically paper-intensive market, trade finance naturally benefits from automation and digitization that CashPro Trade offers,” said Percy Batliwalla, head of Global Trade and Supply Chain Finance at BofA Merrill. “The improvements to CashPro Trade meet our objective to simplify the way our clients transact, report, and manage their business, regardless of where they are located.”
CashPro Trade (formerly known as Trade Pro®*), which is accessed through the bank’s treasury management online banking channel, CashPro® Online, allows clients to manage their working capital, payment and performance risk. CashPro Trade is one of a number of modules that clients can access through CashPro Online to generate a holistic view of their entire treasury and trade activity.
* In November, Bank of America Merrill Lynch renamed the portal CashPro Trade. The name change reflects the enhancements made by the bank that deliver a unified client view of payments, receipts, FX, and trade transactions to manage their working capital across all geographies.