Bank of America Merrill Lynch, a large player in global treasury and trade solutions, has unveiled its new Trade Pro platform as an electronic way for corporate and middle-market companies to enhance their financial supply chain operations.
Trade Pro helps the bank’s clients automate and manage their import and export and supply chain activities between buyers and sellers. It will be available through CashPro Online, the bank’s treasury management and online banking channel for corporate clients.
The goal of the tool is to help make overall and repeat transactions more efficient and predictable as well as reduce risk and exposure through tracking, reporting, and managing imports and exports, said Bruce Proctor, head of global trade and supply chain finance at Bank of America Merrill Lynch.
The bank said the biggest features of Trade Pro is the ability to automate their purchase order details into letters of credit or open account transactions. Users can access paper documents or electronic data, while exporters can access these in case discrepancies arise.