Bank of America Merrill Lynch today announced it now offers electronic bank statements to clients who have SWIFT Standardized Corporate Environment (SCORE) membership. eStatements is the latest enhancement to BofA Merrill's suite of offerings with SWIFT, which granted the firm Bank Readiness Certification last year.
BofA Merrill's eStatements eliminate the paper or CD-ROM distribution of monthly bank statements to clients. Instead, the statement images are delivered electronically through the SWIFT FileAct file transfer system. BofA Merrill developed eStatements in response to a request from GE, which wanted to streamline its handling and storing of statements from over 14,000 accounts with over 100 banks. GE's objectives were to reduce administrative burden, reduce compliance risk, reduce its carbon footprint and reduce its need to learn multiple bank electronic repository applications.
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