Bank of America Merrill Lynch has announced the launch of ‘Accelerated Payments to Asia’, a solution that aims to improve the speed and efficiency with which banks and corporations make high value US dollar payments to Asian markets (view press release). The service is designed both for global institutions that send commercial payments to beneficiaries in Asia and for Asia-based institutions whose trade within the region is denominated in US dollars.
Accelerated Payments to Asia uses smart routing technology to recognise payments and pass them through in-country U.S. dollar clearing systems via a single bank account. The service leverages Bank of America Merrill Lynch’s global branch network and technology to process the high value payments in the most intelligent and straight-through manner possible.
“In today’s environment, companies making US dollar payments to and within Asia can face hurdles that ultimately impinge on their working capital management,” said Greg Murray, head of U.S. Dollar Wire and Clearing Products, Global Transaction Services at Bank of America Merrill Lynch. “These hurdles center on the time zone differences between the Asian markets and the U.S. With Accelerated Payments to Asia, we have eliminated those issues, providing banks and their customers a much faster settlement process that also offers improved visibility and control over their cash.”
Bank of America Merrill Lynch’s Accelerated Payments to Asia currently captures more than 1,000 different Hong Kong and Greater China-based beneficiary banks and branches, and will be expanded over time to incorporate US dollar clearing systems in other Asian markets.
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