Bank of America Merrill Lynch expanded its Global Commission Management platform adding U.S. electronic options. This integration expands the payment channel for clients already subscribed to the GCM platform, which provides access to the global trading infrastructure allowing users to trade electronically, leverage trading relationships, and access research solutions. The Commission Management service is offered to institutional clients through the Client Commission Arrangement (GCA) or Commission Sharing Agreements (GSA) platforms, and services over 600 clients globally. Click here for more information.
The Bank of America Charitable Foundation has pledged $1 million to aid victims of Hurricane Sandy, including to the American Red Cross Hurricanes 2012 Fund. Additionally, the bank is automatically refunding overdraft, late payment, cash advances, and early withdrawal on a CD fees incurred by customers that live in the affected areas. Also, the bank has leveraged approximately 1,000 bankers to reach out to thousands of impacted customers and provide additional credit on favorable terms to help small business customers recover from the storm. Click here for more information.
Bank of America's new Mobile Pay on Demand service, available 12.03.2012, will provide small businesses with the ability to accept card payments through their mobile phones. This service includes a free mobile app with secure card reader for smartphones and iPads, next day access to funds, data encryption, and the ability to redeem card offers through BankAmeriDeals. Mobile Pay on Demand has no monthly or annual fees, and a 2.7% transaction fee for swiped, and 3.5% plus $0.15 for hand-keyed transactions for Visa, MasterCard, and Discover. Merchants who sign up between 12.03.2012 and 12.31.2012 will receive a free year subscription to iDeals Marketing Platform Pro, an online marketing resource where merchants can promote their businesses. Click here for more information.
Bank of America Merrill Lynch announced an enhancement to its Commercial Card offering with the launch of online PIN Check. Online PIN Check allows Chip and PIN cardholders the convenience of viewing their PIN in a secure environment. The innovation follows the company’s successful rollout of Chip and PIN cards to large corporate clients in the United States and Europe over the last few years. Next month, Bank of America Merrill will be expanding its offering of Chip and PIN to corporate clients in Canada. Click here for more information.
Bank of America launched new mobile banking products and service enhancements including Mobile Check Deposit, Person-to-Person Email and Mobile Transfers, and Mobile App Alerts. Person-to-Person Email and Mobile Transfers allow customers to easily conduct person-to-person transfers via online banking or smartphone, using only an e-mail address or mobile phone number. The new service is powered by clearXchange, the open payment processing network owned by Bank of America, Chase, and Wells Fargo. Click here for more information.
Bank of America Merrill Lynch has re-launched Notional Pooling to its Global Liquidity Platform. Companies can utilize single and multicurrency notional pooling solutions to reduce capital cost and increase control of working capital. The non-physical netting of multiple bank account balances against each other provides clients interest efficiencies and balance consolidation benefits. Click here for more information.