Initially, the bank will use MyStandards for its custody message expansion program, which will widen the instruction and reporting messages used by clients, agents and internally across BofA Merrill Global Transaction Services business lines.
BofA Merrill global custody and agency services head Morgan Downey said, "Clients will benefit from the transparency of our message guidelines and enjoy easy access to annual SWIFT release changes and our own product enhancements."
"MyStandards re-engineers testing by eliminating the time lags involved with set up and communication link coordination, allowing clients to focus on the message content. The net result is a greatly reduced implementation timeframe," Downey added.
Member-owned cooperative, SWIFT offers the communications platform, products and services to connect more than 10,000 banking organizations, securities institutions and corporate customers in 212 nations and regions.
Having operations in over 40 nations globally, Bank of America serves nearly 52 million consumer and small business relationships with about 5,400 retail banking offices and approximately 16,300 ATMs online banking with 30 million active users.
