Mandates and payments roundup, September 20

BoA Merrill enhances its treasury management solution, while Bank Alfalah awards a card mandate to SunGard.

Bank of America Merrill Lynch enhances its treasury management portal

Bank of America Merrill Lynch has enhanced its online liquidity management and investment order capability for its corporate and commercial clients. Its clients can now use its CashPro Invest solution to enter orders and obtain information and reporting for US dollar denominated money market mutual funds and other short-term investment products.

“CashPro Invest is a key value-add for our clients who utilise CashPro Online for their daily investment activities,” said Cindy Murray, head of global treasury product infrastructure, platforms and eCommerce at BoA Merrill. “This fully integrated investment access is just the latest in a series of additional CashPro Online functionality we’ve made available to our clients recently, enabling them to now handle their banking needs more easily, efficiently and effectively.”

BoA Merrill’s CashPro Invest solution is integrated with its treasury management portal, CashPro Online. Through this portal, its clients can use a single sign-on to navigate most of their treasury, credit and investment applications.

SunGard wins mandate from Bank Alfalah

Pakistan’s Bank Alfalah has implemented SunGard’s Ambit Card Management solution to help manage its expanding credit card business in the country. The solution will help the bank increase its revenue and grow its credit card and retail merchant customer base by allowing it to issue MasterCard and Visa chip cards, corporate cards and pre-paid cards in a cost efficient manner.

“Staying at the forefront of innovation and modern technology has always been a top priority for Bank Alfalah and expanding our credit card business is part of this aim,” said Adil Rashid, group head of consumer finance at Bank Alfalah.

According to Bank Alfalah, it provides card services to more than 675,000 customers and merchant facilities to more than 33,000 merchants in Pakistan. In addition, it supports a branch network of 332 locations including 63 Islamic banking branches.

Distra launches new payments platform

Australia-based payments software provider, Distra, has launched a new innovative payments platform called Comprehensive Payments. The solution runs on US-based Cisco’s Unified Computing system as a part of its Vblock infrastructure package.

“There is a growing need to bridge the gap between the established payments networks and the exciting new models emerging through the transformation of the payments industry,” said Mike Aston, chief executive of Distra. “The challenge is to provide a solution that can operate at the levels of reliability, scalability and performance demanded by the established networks and yet exhibits the openness, agility and cost profile of these new emerging opportunities.”

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