Awards for Excellence 2018
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Bank of America Merrill Lynch’s operations in western Europe over the last year have seen the bank develop its own structure to keep pace in a market that is both exciting and volatile, making it western Europe’s best bank for transaction services.
BAML covers each aspect of the treasurer’s business, taking into account the impact of evolving technology and regulations, while helping them to optimize their business at a time when treasurers are awash with liquidity. BAML’s focus on developing Europe has paid off, with a 22% increase in revenues for global transaction services EMEA in the last year.
Clients are seeking greater insight into their liquidity positions. In response, the bank created the Liquidity Express Virtual Account Management solution. Using virtual accounts, customers are able to consolidate funds denominated in sterling, dollars or euros from across a number of accounts into a single balance position. The platform was developed by the bank by combining elements of existing systems, meaning there was no need for customers to deploy additional software.
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Matthew Davies, head of GTS EMEA, Bank of America Merrill Lynch |
The bank has been successful in finding smart ways to use technology to make treasurers’ day-to-day activities easier. The growth of open banking has brought about the development of the bank’s API gateway. BAML is helping clients by integrating services and giving them a single access point through their enterprise resource planning and treasury management software, greatly streamlining operations. The bank also launched CashPro Mobile in 2017, bringing together elements of their software into an app protected by a biometric log-in. BAML, under CEO Brian Moynihan, has used its knowledge of US banking and legislation to allow treasurers insight into their cash positions held in the country. The US does not allow notional pooling structures, but, following careful due diligence processes, the bank has been able to give customers insight, improving their overview of global fund positions.
Managing the potential impact of Brexit has been a big issue and, as well as advising its clients, BAML has been repositioning itself to ensure that its international operations can continue unhindered. Last summer the bank began merging its UK bank into its existing Irish bank, giving its operations a footing in Europe.
