Bank of America Merill Lynch has signed a multi-year agreement with cross-border PSP Earthport that will significantly expand the bank’s low value clearing capabilities worldwide, and advance the efficiency of its high volume, low value payments.
The agreement means that the bank’s corporate client base will have access to a greater number of solutions in more countries to help them process payments globally. They will also benefit from faster, more cost efficient and transparent payments that are integrated with Bank of America Merril Lynch’s FX solutions.
Ather Williams III, Head of Global Payments for Bank of America Merrill Lynch commented:
“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 “We are pleased that the agreement with Earthport will deepen our ability to provide clients with industry leading solutions.”
Hank Uberoi, Chief Executive Officer of Earthport added:
“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. 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.”
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