Bank of America Merrill Lynch (BofAML) has announced that a new payments capability is available on CashPro Online, its banking portal.

Corporate and government clients of all sizes utilising CashPro can now transact with low-value cross-currency payments, and realise reduced costs and improved efficiency through the CashPro Payments module. This module, launched in February this year, allows CashPro users to make low-value payments into 29 countries.

Ather Williams, head of global payments and global transaction services (GTS) strategy, tells GTR: “We’re pleased to add this new capability to CashPro Payments and extend the available options that clients have to initiate their cross-border low-value payments.

“Companies, governments or institutions that send low-value payments to international payees now have the convenience of making those transactions through the same portal they use to initiate wire transfers, make domestic payments, view their cash positions and run reports.”

“In building this new capability, we are giving our clients the flexibility to manage their low-value cross-currency payments from whichever channel best suits their needs – either our online portal or through file delivery,” adds Cindy Murray, head of global treasury product platforms and eChannels. “It’s the latest development in the company’s ongoing investment in CashPro Online, which remains a signature capability of Bank of America Merrill Lynch.”