The FI NANCIAL — Treasury Management International (TMI), a publication covering the transaction services industry, has named Bank of America Merrill Lynch its 2016 Global Bank of the Year for Payments & Collections.
BofA Merrill won seven additional awards, all part of TMI’s annual Awards for Innovation and Excellence, according to Bank of America.
BofA Merrill was especially strong in the Payments & Collections category, winning three regional or country awards in addition to the global recognition. The full list of BofA Merrill awards is:
Global Bank of the Year for Payments & Collections
Best Bank for Payments & Collections, China
Best Bank for Payments & Collections, North America
Best Bank for Payments & Collections, South America
Best Bank for Cash & Liquidity Management, China
Best Bank for Cash & Liquidity Management, North America
Technology & Professional Award, Card Solution (third consecutive year)
Technology & Professional Award, Risk Management Solution
“Bank of America Merrill Lynch had a demonstrable commitment to innovations that are driving a change in client behaviour and opportunity,” TMI stated in its awards article. “Over the past 12 months, the bank launched a range of new solutions such as virtual account management, the next generation of virtual accounts, which supports both payments and collections, including SEPA direct debit collections.”
For Card Solution, BofA Merrill won for its Value of Cards web application, which models for clients the potential benefits of a business-to-business payment card solution. For Risk Management Solution, the firm won for its recently re-launched CashPro Flow product, which enables clients to pay, price or invoice goods and services in local currency without taking on foreign exchange risk.
“We are honored to receive these awards from TMI, which reflect our commitment to creating best-in-class solutions for our clients,” said Ather Williams, head of Global Transaction Services at BofA Merrill. “We look forward to continuing to explore and invest in new technologies as we help our clients and the broader industry prepare for the next generation of payment solutions.”