Bank of America Merrill Lynch today announced the addition of three new receiving sites in Canada for its proprietary lockbox service. The expansion to Calgary, Vancouver and Montreal will provide clients with same-day availability for payments received in those locations.
BofA Merrill introduced its proprietary lockbox service last year with a receiving site in Toronto. The Vancouver and Calgary sites are expected to be ready in mid-November, followed by the Montreal site in early 2014.
“We continue to invest in our treasury services product offering in Canada,” said Hany Naguib, head of Global Transaction Services in Canada. “Our clients are already telling us that our lockbox product differentiates us in the Canadian market. Adding these new sites not only shows our commitment to Canada but also our commitment as a leading provider of working capital solutions to our clients across North America.”
The lockbox expansion is just the latest enhancement BofA Merrill has made in treasury services in Canada, which benefits Canadian headquartered businesses as well as global companies with subsidiaries doing business in Canada.“We continue to focus in on creating a streamlined North American set of solutions while ensuring we meet the needs of our client base in Canada,” said Maureen Jarvis, head of GTS product management in Canada. “I am excited about this expansion and additional services planned for early 2014 to enhance both paper and electronic receivables reconciliation.” Bank of AmericaBank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. We serve approximately 51 million consumer and small business relationships with approximately 5,200 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active users and more than 14 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.