Launch of the new services in the country follows the memorandum of understanding (MOU) and master agreement inked by the US bank and CUP in 2012, as reported by Finextra.
A dedicated cash management alliance will enable the GTS cash management customers to pay into and debit out of individual, small business and corporate accounts across multiple banks in mainland China.
Apart from offering direct debit collection and direct disbursement services, the new alliance will support payment services and collections through merchant acquiring.
Leveraging its CUP association, BofA will provide a comprehensive suite of cash management solutions, such as daily collections, merchant services, account management and electronic payments.
Offering banking, investing, asset and other financial and risk management products and services, BofA serves nearly 52 million consumer and small business relationships through 5,400 retail banking branches and about 16,300 ATMs and online banking, with 30 million active users.
