Bank of America Merrill Lynch (BofA Merrill) has created a new strategic platform to enhance the delivery of its global liquidity product offering. The new Global Liquidity Platform is a centralized technology hub that enables the company to provide consistent, seamless and integrated liquidity solutions to clients around the world.
The Global Liquidity Platform encompasses operational, liquidity and product-specific components, or modules, that offer clients liquidity concentration products, global account connectivity and enhanced reporting capabilities.
According to BofA Merrill, the power of the new Global Liquidity Platform is evident with Interest Optimization, which it launched in April. Interest Optimization creates an end-of-day global position of client balances, which is important for client accounts held in multiple currencies in countries and regions around the world. Interest Optimization takes that global view of balances into consideration when determining interest benefit to the client.
Greg Kavanaugh, head of global liquidity, pricing and segment integration at BofA Merrill, said: “As the financial climate has changed, our clients have become increasingly savvy about their liquidity needs and cash concentration structure. The new Global Liquidity Platform gives clients access to a truly global product offering and enables the bank to bring new products to market faster and more efficiently. With a modular approach that operates through a single hub, we are eliminating dependency on multiple account platforms.”