Available through CashPro Online, the bank’s treasury management and online banking channel, the newly launched soultion enables clients to automate and efficiently manage import and export trade and supply chain activity between buyers and sellers, saving time and resources.
Trade Pro also delivers additional flexibility and power to the users through customised settings and dynamic data-mining and reporting according to the specific global business needs.
Bank of America Merrill Lynch Global Trade and Supply Chain Finance head Bruce Proctor said the solution will help in making transactions more efficient and predictable while aiding in reducing resources, risks and expenses.
"The functionality of Trade Pro will help to transform the way that company CFOs and treasurers manage trade and supply chain finance transactions," Proctor added.
With Trade Pro, the importers will be able to automate their purchase order (PO) details into letter of credit (LC) or open account (OA) transactions.
The tool will also help exporters to access web reporting to view export LC or OA transaction details and presentation discrepancies.
Additionally, the customers will also be able to make approved invoice details for discounting prior to maturity available to sellers.
