Bank of America Merrill Lynch is launching Multicurrency Netting, giving client companies greater visibility and control over their inter-company and vendor payments.

The new solution centralises inter-company payments, enabling large companies that operate across multiple borders to reduce both the number of payments and the total value of payments made between companies that regularly invoice one another.

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Large corporations typically make hundreds of inter-company payments worth millions of dollars every month. In addition, they must handle invoices in numerous currencies issued by their own affiliates or with vendors that support more than one entity within the company.

Many times, specialised programmes are needed to help calculate what each entity owes the other.

By moving to a centralised netting solution, multinational companies can realise many benefits, including:

  • Fewer wire transfers, resulting in lower bank and lifting fees;
  • Fewer local currency bank accounts and related expenses;
  • Reduced foreign exchange exposure and trade activity, and
  • Less time spent handling invoices and reconciliation tasks.

“The Multicurrency Netting solution introduced is in response to direct input from our corporate and commercial clients who want greater visibility and control over their inter-company and vendor payments,” said Liz Minick, head of Global Cross-Currency Product and Strategic Client Capabilities in Global Transaction Services. “We are pleased to add this powerful cross-currency solution to our suite of FX payment tools.

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“The Multicurrency Netting solution also includes a number of features that were specifically requested by our clients, such as:

  • Workflow and communication tools for invoice management;
  • Competitive and transparent FX trading rates from BofA Merrill, and
  • Comprehensive metrics and reporting, with direct updates to company accounting platforms.

To help ensure a successful implementation process, BofA Merrill will help clients customise the solution to match their company profile, and guide them through all setup requirements.