BofA Merrill Helps Clients Reduce Costs With Multicurrency Netting
By FF Newsroom · 17 October 2017
New Solution Gives Companies Greater Visibility and Control Over Their Inter-Company and Vendor Payments
"We are pleased to add this powerful cross-currency solution to our suite of FX payment tools."
Bank of America Merrill Lynch, a leader in global transaction services, is pleased to announce that it has expanded its payments capabilities with the launch of Multicurrency Netting. The new solution centralizes inter-company payments, enabling large companies that operate across multiple borders to reduce both the number of payments and the total value of payments made between companies that regularly invoice one another.
Large corporations typically make hundreds of inter-company payments worth millions of dollars every month. In addition, they must handle invoices in numerous currencies issued by their own affiliates or with vendors that support more than one entity within the company. Many times, specialized programs are needed to help calculate what each entity owes the other.
By moving to a centralized netting solution, multinational companies can realize many benefits, including:
- Fewer wire transfers, resulting in lower bank and lifting fees.
- Fewer local currency bank accounts and related expenses.
- Reduced foreign exchange exposure and trade activity.
- Less time spent handling invoices and reconciliation tasks.
- Workflow and communication tools for invoice management.
- Competitive and transparent FX trading rates from BofA Merrill.
- Comprehensive metrics and reporting, with direct updates to company accounting platforms.