Bank of America goes with Earthport for global low-value payments
Uberoi: a commitment to a long-term relationship
Bank of America Merrill Lynch has signed a multi-year agreement with Earthport to “significantly expand Bank of America Merrill Lynch’s low value clearing capabilities globally, and to advance the efficiency of its high volume, low value payments”.
Under the agreement, BAML’s corporate clients will have increased access to the Earthport cross-border payments capabilities, which provide local clearing capabilities in more than 60 countries, giving them an expanded set of countries and faster, more transparent payments integrated with BAML’s FX solutions.
“Our clients are asking us to help them quickly enter new markets across the globe. In many cases, a low-value international payment vehicle perfectly suits their needs. The situation reflects the increasing trend for clients to ask for financial products and services that support new models, rather than services designed for a different purpose, in a different era.” said Ather Williams, head of global payments for BAML. “We are pleased that the agreement with Earthport will deepen our ability to provide clients with industry leading solutions.”
BAML and Earthport signed a first deal, for a specific North America payments service, this time last year. “I am delighted today to announce the progression of this relationship, and the signing of a worldwide contract,” said Hank Uberoi, chief executive of Earthport. “The new contract marks a commitment to a long-term strategic relationship, and represents a large and international strategic opportunity across several of [the bank’s] payments services. We look forward to continuing to work together to provide leading payment products to its corporate customers.”
