Waste not, want not: BAML recycles parts to build new treasurer tool
Bank of America Merrill Lynch has taken bits of products it already offers to make a new solution that could make life easier – and cheaper – for treasurers.
The quickest solution is often to use what you already have. Bank of America Merrill Lynch (BAML) has taken that to heart with the development of its new Liquidity Express tool, which combines aspects of three existing services to help corporate treasurers in a new way.
To create it, the bank used parts of its Global Liquidity Platform (GLP) and CashPro Assistant forecasting capabilities and bolted them onto its virtual account management (VAM) offering. And as the three parts of Liquidity Express are already available off-the-shelf, existing customers face less of a challenge in using it.
In a nutshell, Liquidity Express is an alternative solution to notional pooling and physical cash concentration, which uses virtual accounts as the conduit of funds. Clients are able to consolidate funds from across accounts to a single balance in one account.