Mandates and payments roundup, November 15

BoA Merrill upgrades its online treasury management portal with new applications, while Western Union completes its acquisition of Travelex global business payments.

BoA Merrill enhances treasury management portal

Bank of America Merrill Lynch (BoA Merrill) has upgraded its global treasury management and online banking channel, CashPro Online, by adding three new applications. According to the bank, the new enhancements make it easier and more convenient for its commercial and corporate clients to perform routine transactions and help them to make informed business decisions.

“Since its introduction two years ago, CashPro Online has transformed the way our clients interact with us,” said Cindy Murray, head of global treasury product infrastructure, platforms and eCommerce at BoA Merrill. “Our introduction of new payments, information reporting and mobile services provides a quantum leap forward in how CashPro Online can help clients spend less time gathering basic bank account data and more time using that data to make business critical decisions.”

The three new applications are: CashPro Payments, which provides a global payments hub, CashPro InformationReporting, a new dynamic, non-static reporting functionality, and CashPro Mobile, allowing clients to access accounts while on the move.

Western Union and Travelex join hands

Western Union has completed its acquisition of Travelex global business payments. The combined businesses will provide cross-border payment services to more than 95,000 companies, which are mostly small and medium-size enterprises.

“Business-to-business payments are one of Western Union’s three key areas of focus,” said Hikmet Ersek, president and chief executive of Western Union. “With the closing of this acquisition, we have a very strong position in a market that has significant growth potential.”

Business customers of Western Union are now able to send cross-border payments in more than 140 currencies in 18 countries globally. Additional countries are expected to be added to the firm’s footprint in 2012.

BNY Mellon chosen for ADR programme

The Bank of New York Mellon has been chosen by Guotai Junan International Holdings as its depositary bank for its American depositary receipt (ADR) programme. Guotai Junan is based in Hong Kong and provides securities and futures dealing and brokerage services for financial markets, corporate finance and equity capital market services, and asset management.

BNY Mellon acts as a depositary bank for more than 2,400 US and global depositary programmes with companies in 68 countries.

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