Bank of America Merrill Lynch is launching a proprietary lockbox service in Canada enabling companies receiving payments to utilise lockbox processing consistent with the same services the bank offers clients in the US (view press release). BofA Merrill previously offered lockbox processing in Canada through a third party service provider; by becoming a direct provider, it can now offer clients the same benefits as US clients such as same day availability of funds and comprehensive information reporting. BofA Merrill Lynch holds the largest lockbox share in the US according to a 2011 Ernst & Young Cash Management Survey.
“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 US,” said Dub Newman, head of North America Global Transaction Services. “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.”
The proprietary service is being offered to new clients this week and existing clients will be converted over the coming months.