London UK (PRWEB) July 2, 2010
Bank of America Merrill Lynch (BofA Merrill) today announced that it has selected Accuity’s international bank account number (IBAN) conversion and validation solutions to help corporate clients successfully meet the compliance challenges of the Single Euro Payment Area (SEPA) initiative. These solutions can help reduce the cost to clients of processing eurozone payments by automatically converting legacy account details into valid IBANs and correct routing Bank Identifier Codes (BICs).
“The unparalleled solutions offered by Accuity provide the essential tools our clients need in order to reduce costs, optimise payment efficiencies and manage previously manual, time-consuming processes,” comments Carole Berndt, head of Global Treasury Services, Europe, the Middle East and Africa (EMEA). “The referral arrangement we now have in place with Accuity demonstrates yet another way in which Bank of America Merrill Lynch is focused on providing clients with products and services that allow them to move money faster, more safely, and with greater ease anywhere in the world.
“We believe Accuity’s end-to-end IBAN conversion, validation and maintenance solutions help us provide our clients with a comprehensive solution to convert legacy account payments data into SEPA payment format.”
By submitting payment transactions that contain the correct IBAN and routing BICs, BofA Merrill’s clients should benefit from higher rates of payment straight through processing (STP) and experience a reduction in the inefficiencies associated with payment errors and repairs.
“Accuity has a relationship with Bank of America Merrill Lynch that dates back over 70 years,” said Malcolm Taylor, Accuity’s managing director for EMEA and Asia Pacific. “We are excited to offer our enhanced IBAN services to the bank’s valued customers so that they can benefit from the lower cost of SEPA-compliant payments.
“Accuity’s IBAN solutions are underpinned by a unique, comprehensive and multi-layered verification process. They help users convert legacy account information quickly and efficiently into accurate and validated IBANs that are required for certain SWIFT payment messages.”
The referral agreement with Accuity is part of BofA Merrill’s multi-year investment in new technology and supports the company’s continued focus on treasury management, corporate banking and other businesses in key global markets.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company's corporate and investment banking, and sales and trading businesses operate under the Bank of America Merrill Lynch brand. Bank of America Merrill Lynch focuses on middle-market and large corporations, institutional investors, financial institutions and government entities. It provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, research, and liquidity and payments management. Bank of America Merrill Lynch serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and nearly 96 percent of the Fortune Global 500.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
Accuity is the leading provider of global payment routing data, AML screening software, and services that allow organisations, across multiple industries, to maximise efficiency and facilitate compliance of their transactions.
Accuity maintains the most authoritative and comprehensive databases globally with a reputation built on the accuracy and quality of our data, products and services.
Accuity provides the industry with its Golden Copy of payment data, delivering essential and readily-accessible payment information with precise and comprehensive data for all bank offices worldwide. Only Accuity has the following key strategic partnerships:
For more than 150 years Accuity’s worldwide clients, located in over 150 countries, have included banks, corporations and government organisations. The solutions and services Accuity provides are packaged in multiple formats to serve their diverse needs.
For more information, contact Accuity at http://www.accuitysolutions.com.