BofA Merrill’s announcement that their Global Transaction Services business has completed the consolidation of client transaction banking data from multiple systems into a single centralized data repository is a Big Deal. It is technologically challenging, takes a lot of time and money. BofA Merrill believe that this new repository will enable them to offer significantly enhanced information reporting and analytics capability to their clients who access their bank data via the CashPro® Online, CashPro Connect or CashPro Mobile channels.
Clients can now search across all Bank of America, N.A. accounts and selected accounts at other banks. System users can now look up transactions from the previous 365 days by various fields including payee, amount and date without needing to determine which account was utilized for the transaction.
“This reporting hub enables us to transition our information reporting services to an enhanced client-centric model,” said Cindy Murray, head of Global Treasury Product Platforms and e-Channels. “Clients now have much greater control over and increased flexibility with how they want to see the data and generate reports. Their reporting details will be configurable by individual client, and can change as their own company’s needs evolve with system integration and upgrades. The end result will be a movement from reporting systems to reconciliation platforms with improved visibility, flexibility and responsiveness.”
BofA Merrill have been heavlily involved in standards organizations such as the International Standards Organization (ISO) 20022 XML Common Global Implementation initiative and the Accredited Standards Committee X9, which is implementing the Balance and Transaction Reporting Standard (BTRS). BofA Merrill “expects“ to be the first bank to offer BTRS later this year.
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