Bank of America Merrill Lynch (BofAML) has expanded its suite of trade and supply chain solutions in China.

Both its electronic commercial draft system (ECDS) and trade receivables finance (TRF) solutions have been upgraded and expanded in a move a spokesperson tells GTR will “provide the client with a valuable solution for settling domestic trade in a secure, simple and speedy manner, and further optimise their working capital”.

ECDS has now been rolled out to the bank’s Guangzhou and Beijing branches, allowing clients in the area to settle domestically in renminbi and to take advantage of the cost benefits that come with that. It means all three of BofAML’s Chinese branches (the other is Shanghai) can fully process electronic drafts.

The upgrade to its TFR solution allows the bank to purchase open account receivables or invoices that are due from buyers from its clients. Again, this helps free up working capital for clients, by providing liquidity in place of receivables.

Cathy Dou, head of the bank’s Chinese global transaction services division, says: “Expanding our supply chain finance platform with innovative solutions and broader geographic reach is a critical element of our strategic goal of better connecting with our clients in China.”

It’s been a busy period for BofAML in China. Shortly after announcing the technological enhancements, it emerged that the bank had sold its remaining shares in China Construction Bank – the country’s second-largest bank. BofAML has suggested that rather than signalling a retrenchment from the mainland, the sale of the shares shows the bank’s determination to expand its own presence and offering in the country.