Bank of America Corp (NYSE: BAC) to Enhance Wholesale Banknotes Platform

Bank of America Corp (NYSE: BAC)’s Merrill Lynch division announced on Friday that it would be enhancing its wholesale bank notes platform that it provides to clients, which will have “greater customization and improved functionality, demonstrating the bank’s strong commitment to Global Banknote Services. “

Merrill Lynch’s Banknotes Services business manages the import and export of U.S. dollars and other foreign currencies for financial institutions and corporates. According to a statement, “It also supports such industries as hospitality, cruise lines, gaming and theme parks. Building on its leading position in the industry, BofA Merrill has developed several enhancements that will provide more efficiency, security and flexibility for clients. “

The company wrote in a statement, “The new version of the Cruise Line Global Foreign Currency (GFC) Offline Application allows more efficient management of foreign currency on cruise ships, while “Live Rates” capabilities within the GFC system will enable clients to retrieve currency rates in real time during currency transactions. Other enhancements this year will add currency images online and improve the bank’s internal efficiencies. “

“As one of the world’s leading providers of global banknote services to financial institutions, Bank of America Merrill Lynch is dedicated to giving our clients the highest level of service,” said Kathleen Gowin, Global Wholesale Banknotes executive and head of Americas Financial Institutions Treasury Sales at BofA Merrill. “These enhancements show our commitment to banknote services, and our global footprint allows us to provide clients with all tradable currencies.”

The statement noted, “BofA Merrill provides banknote services in more than 75 countries, with an inventory of 120 currencies and several strategically located foreign currency vaults, which are electronically connected to expedite access worldwide. The bank also has extensive relationships with several central banks and other large foreign financial institutions, which leverage BofA Merrill’s global infrastructure to reduce their own commitments of capital and human resources.”

“Bank of America Merrill Lynch is a leading global provider of treasury services to financial institutions, corporates and governments,” said Paul Donofrio, head of Global Corporate Banking at BofA Merrill. “The enhancements to our banknotes business will help drive growth in key markets and enable us to provide full service, state-of-the-art integrated capabilities across paper and electronic products to our clients around the world.”

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