BofA Merrill GTS Enhances China Treasury Management Solution Suite

Bank of America Merrill Lynch Global Transaction Services (GTS) has announced a major enhancement to its suite of end-to-end China treasury management solutions.


The proprietary China Online Balance of Payments (BOP) Declaration Module is the latest market-specific solution developed by Bank of America Merrill Lynch to allow its China treasury management client base to better navigate the ongoing liberalization of the country’s regulatory landscape.


The launch of the China Online BOP Declaration Module provides multiple benefits to clients including enhanced execution of BOP declarations for payment execution and receipt. The BOP Declaraton Moduel also streamlines processing of supporting commercial documentation as required by the State Administration of Foreign Exchange (SAFE).


Another feature includes total compliance with SAFE foreign exchange (FX) documentary requirements that stipulate both remitters and beneficiaries declare the underlying business transaction for each foreign currency (FCY) and cross-border RMB (CNY) payment and receipt in China.


“From a processing point of view, our ability to help drive a higher ratio of electronic FX payments and receipts via our innovative BOP module provides a distinct processing advantage to our clients in China, allowing businesses to focus on core competencies. By improving efficiency, enhancing available resources and reducing operational risk for our clients in China, Bank of America Merrill Lynch is rapidly building on its differentiated and scalable offering in China and pleased to introduce this new model,” said Cathy Dou, head of Global Transaction Services, China.


Bank of America Merrill Lynch’s China Online BOP Declaration Module has the capability to process an array of payments and receipts regulated by SAFE.


Powered by CashPro Online, the bank’s online banking and financial management solution, the module offers consistency with the ongoing centralisation drive of China clients towards a single bank model and electronic delivery. Another advantage highlighted by the bank is favorable transaction pricing and a substantial decrease in logistical fees.


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