Bank of America Merrill Lynch today announced a proprietary lockbox service in Canada. Companies receiving payments in Canada can now utilize lockbox processing that is consistent with the same service BofA Merrill has long offered clients in the United States.
BofA Merrill has previously offered lockbox processing in Canada through a third-party service. By becoming a direct provider, BofA Merrill can now offer clients in Canada various benefits already experienced by clients in the U.S., where the firm holds the largest wholesale lockbox share according to the 2011 Ernst Young Cash Management Services Survey.
Beginning this week, new lockbox clients in Canada will receive the proprietary service. Existing Canada lockbox clients will be converted to the new service in the coming months. This service will be offered through Bank of America, N.A., Canada Branch.
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