Bank of America Merrill Lynchis
consolidating its payments infrastructure by investing in software
to integrate common processes in the bank.
Bank of America rescued investment bank Merrill Lynch from
potential collapse last year as
Lehman Brothers went bankrupt. As a result it had multiple
systems completing payments.
The service orientated architecture based
Global
PAYplus software from Fundtech will be the foundation of future
online banking at the bank.
The service will be available next year.
It will support the integration of these processes and give the
bank the flexibility it requires to adapt its payment processes in
the future.
"This payments services hub is a critical component in
transforming the payment capabilities at Bank of America Merrill
Lynch. We will be able to drive integration among common payments
processes, react more swiftly to evolving standards and regulatory
changes, and leverage our payments capabilities to gain
efficiencies for both clients and the bank," said Cindy Murray,
e-Commerce executive in global corporate banking at Bank of America
Merrill Lynch at the bank.
The software will improve online services with customers able to
monitor payments online. The system will also automatically process
the payments in the most appropriate way depending on cost and
urgency.
Image: Charles Sykes/Rex
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