Bank of America Merrill Lynch Launches New Electronic Platform

Bank of America Merrill Lynch has launched Trade Pro, an electronic platform for large corporate and middle market companies who want to enhance their trade and financial supply chain operations.

Trade Pro will be available through CashPro Online, the bank’s treasury management and online banking channel for corporate and institutional clients, which offers an integrated view of treasury and trade functions. The electronic platform enables clients to automate and more efficiently manage import and export trade and supply chain activity between buyers and sellers, Bank of America Merrill Lynch said.

“The functionality of Trade Pro will help to transform the way that company CFOs and treasurers manage trade and supply chain finance transactions,” Bruce Proctor, head of Global Trade and Supply Chain Finance, Bank of America Merrill Lynch, stated. “The online tool will assist in making transactions more efficient and predictable while aiding in reducing resources, risks and expenses resulting from Trade Pro’s improved tracking, reporting, and management of export and import activity.” The integration of Trade Pro to the bank’s online portal, CashPro, comes on the shoulders of the growing trend of corporates taking a more holistic approach to treasury and trade. “Our clients are increasing their focus on counterparty risk and cash flow management. They are under pressure to unlock working capital trapped in the supply chain and to optimize their cash conversion cycle,” he said. “Trade Pro will significantly add to a company’s ability to successfully execute their cash management strategy.” Key features of Trade Pro include importers’ ability to automate their purchase order (PO) details into letter of credit (LC) or open account (OA) transactions. Users can access online web images of related paper documents or electronic data elements to gain additional transaction-level insight. Exporters will also be able to access web reporting to view export LC or OA transaction details and presentation discrepancies, while buyers will be able to make approved invoice details for discounting prior to maturity available to sellers. “The increasingly global nature of business today demands greater facilitation of the free and efficient flow of goods the world over,” Proctor added. “With its inherent goal of making trade finance easier, Trade Pro is an exciting development in our ongoing efforts to help clients optimize working capital, extend their global supply chain, and improve the efficiency of global trade.”

Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio