Bank of America Merrill Lynch (BofAML) has launched its trade and supply chain electronic platform, Trade Pro.
Trade Pro will be available through BofAML’s CashPro Online − the bank’s treasury management and online banking channel for corporate and institutional clients.
Through Trade Pro importers will be able to automate their purchase order details into letter of credit (LC) or open account (OA) transactions. Users can also access online web images of related paper documents or electronic data elements to gain additional transaction-level insight.
Exporters will be able to access web reporting to view export LC or OA transaction details and presentation discrepancies, while buyers will be able to make approved invoice details for discounting before the maturity available to sellers.
Bruce Proctor, BofAML head of global trade and supply chain finance says: “The functionality of Trade Pro will help transform the way that company chief financial officers and treasurers manage trade and supply chain finance transactions.”
He adds: “Our clients are increasing their focus on counterparty risk and cash flow management. They are under pressure to unlock working capital trapped in the supply chain and to optimise their cash conversion cycle. Trade Pro will significantly add to a company’s ability to successfully execute their cash management strategy.”