Bank of America Merrill Lynch Expands International Payments Options
Bank of America Merrill Lynch has expanded its international payments options through its online banking portal, CashPro. Users can now send Automated Clearing House (ACH) payments to people in 60 countries and 22 different currencies.
With ACH payments, banks and other businesses can collect recurring payments from their customers’ checking or savings accounts. This is mostly used for online bill payments or payroll direct deposits. Bank of America Merrill Lynch has had this service available to a limited number of clients. The new expansion will allow “tens of thousands” of clients to utilize ACH for cross-currency transactions.
Ather Williams, head of Global Transaction Services for Bank of America Merrill Lynch, said the company was inspired to create a new payment structure because the “exponential growth of global payments around the world.”
The ACH payments are available through CashPro Connect and CashPro Payments. Those platforms offer many other ways to complete transactions, such as digital disbursements, wire transfers, receipts management and high volume payments.