New Tool Helps Companies Control Global Cash Balances

Bank of America Merrill Lynch has released its Multi Bank Cash Concentration (MBCC) offering via its centralized technology hub, the Global Liquidity Platform (GLP).


The enhanced capability enables companies that work with a number of different banks, both local and global, to automatically incorporate balances held by all of those banks into a single cash concentration structure operated by BofA Merrill Lynch.


MBCC is the latest addition to the GLP offering that allows clients to utilize BofA Merrill’s suite of liquidity products on a worldwide basis, regardless of their physical location.


“The tool helps clients improve visibility and control over their global cash balances, thereby maximising the interest earned on their working capital,” says Greg Kavanaugh, head of Global Liquidity in the Global Treasury Solutions group. “In addition, Multi Bank Cash Concentration helps companies manage their counterparty limits and sovereign exposure, which in the current economic environment, continues to be a focus for many of our clients.


One distinguishing feature of MBCC is its flexible intraday settings, such that funds can be moved during the business day using real-time balances and enhanced sweeping logic, says Kavanaugh. Client feedback about the intraday capabilities of MBCC has been positive, as the option gives clients an even greater degree of control and transparency over their accounts.


MBCC transactions become visible on current day reporting through BofA Merrill’s proprietary treasury management portal, CashPro Online. Sweep transfer summary reports containing the details of the daily sweeps are provided monthly, also through CashPro.




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