Bank of America Merrill Lynch (BofAML) has signed a multi-year agreement with Earthport, a provider of cross-border payments network and an existing key supplier for the bank, to expand its International Automated Clearing House (IACH) payments reach across its footprint. The agreement provides users of CashPro®, the bank’s online banking portal, with a greater number of solutions in more than 60 countries and nearly 25 currencies to help them process payments around the world.
Earthport provides white-label cross border payment services. Under the terms of the agreement, BofAML clients will be able to process cross-border payments through PEP+, an online service for originating and receiving ACH payments.
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International ACH enables efficient execution of scheduled and high-volume cross-border payments like payroll, dividend and other statutory payments. Additionally, it provides the ability to make multi-currency payments from a single account without having to maintain local bank accounts.
The alliance with Earthport plc will build on the bank’s solutions and extend BofAML’s International ACH payments reach. Integration with Earthport’s suite of validation services, predictable settlement dates and transaction reporting will ensure the lender’s clients also benefit from seamless access to a wider network of local clearing networks.
Hank Uberoi, CEO of Earthport, commented: “BofAML is one of the world’s largest payments and cash management bank and we are delighted to be extending our services to them, bringing real efficiency and transparency to cross-border payments for their clients. The innovation that BofAML is bringing to payments is exciting and we are thrilled to be playing a part in it.”