Bank of America Merrill Lynch has been named the “Global Bank of the Year for Payments & Collections” by Treasury Management International, an industry publication covering the transaction sector.
The 25-year-old magazine praised Charlotte, North Carolina-based financial giant for its “commitment to innovations that are driving a change in client behavior and opportunity.” Specifically, Treasury Management International cited Bank of America’s virtual account management upgrades in 2016, which allow for both payments and collections, includingSingle Euro Payments Area (SEPA) direct debit collections.
In addition to this major award, Bank of America was took first place several other TMI Award categories. It won various regional payment-and-collections prizes as well as the “Best Bank for Cash & Liquidity Management” in North American and China. The bank was also honored for the third consecutive year as with the “Technology & Professional Award, Card Solution.”
“We are honored to receive these awards from TMI, which reflect our commitment to creating best-in-class solutions for our clients,” said Ather Williams, head of Global Transaction Services at BofA Merrill. “We look forward to continuing to explore and invest in new technologies as we help our clients and the broader industry prepare for the next generation of payment solutions.”
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