Bank of America Merrill Lynch and Earthport Sign Strategic Agreement
Reinforces the Bank’s Commitment to Support the Evolving Payments Needs of
Clients Across the Globe
LONDON -- December 19, 2013
Bank of America Merrill Lynch, a leader in global payments and transaction
services, and Earthport (AIM:EPO), the cross-border payments service provider
and existing key supplier for the bank, today announced a multi-year agreement
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. The agreement provides the bank’s global corporate client
base with a greater number of solutions in more countries to help them process
payments around the world.
Under the agreement, Bank of America Merrill Lynch’s corporate clients will
have increased access to the cross-border payments capabilities needed to
enhance their global competitiveness.The bank’s clients will benefit from an
expanded set of countries as well as faster, more transparent and
cost-efficient payments that are deeply integrated with Bank of America
Merrill Lynch’s robust FX solutions.
The strategic agreement continues Bank of America Merrill Lynch’s expansion of
international capabilities, which is in keeping with the firm’s commitment to
serve its clients wherever in the world they do business, and to ultimately
support their long-term goals.
“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 III, head of Global Payments for Bank of America Merrill Lynch. “We
are pleased that the agreement with Earthport will deepen our ability to
provide clients with industry-leading solutions.”
“Having signed an initial agreement with Bank of America Merrill Lynch in
December 2012 for a specific payments service in North America, I am delighted
today to announce the progression of this relationship, and the signing of a
worldwide contract,” said Hank Uberoi, chief executive officer of Earthport.
“The new contract with Bank of America Merrill Lynch marks a commitment to a
long-term strategic relationship, and represents a large and international
strategic opportunity across several of Bank of America Merrill Lynch’s
payments services. We look forward to continuing to work together to provide
leading payment products to its corporate customers.”
With local clearing capabilities in more than 60 countries and an efficient
and transparent cross-border payments service, Earthport is uniquely
positioned to support Bank of America Merrill Lynch in advancing its share of
the global low-value payments market.
Bank of America
Bank of America is one of the world's largest financial institutions, serving
individual consumers, small- and middle-market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk management products and services. We serve
approximately 51 million consumer and small business relationships with
approximately 5,200 retail banking offices and approximately 16,200 ATMs and
award-winning online banking with 30 million active users and more than 14
million mobile users. Bank of America is among the world's leading wealth
management companies and is a global leader in corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the world. Bank
of America offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online products and
services. The company serves clients through operations in more than 40
countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New
York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and
global markets businesses of Bank of America Corporation.Lending,
derivatives, and other commercial banking activities are performed globally by
banking affiliates of Bank of America Corporation, including Bank of America,
N.A., member FDIC.Securities, strategic advisory, and other investment
banking activities are performed globally by investment banking affiliates of
Bank of America Corporation (“Investment Banking Affiliates”), including, in
the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and
MerrillLynch Professional Clearing Corp., all of which are registered
broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by
locally registered entities. Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Merrill Lynch Professional Clearing Corp. are registered as
futures commission merchants with the CFTC and are members of the
NFA.Investment products offered by Investment Banking Affiliates: Are Not
FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
Copyright 2013 Bank of America Corporation. All rights reserved. Bank of
America, Merrill Lynch, Broadcort and their logos aretrademarks of Bankof
America Corporationand/or its affiliates.
Earthport plc, a regulated global financial services organisation, specialises
in the provision of a white label cross-border payments service.
Through its innovative payments framework, specifically designed for high
volumes of low value cross-border payments, Earthport provides a
cost-effective and transparent service for secure international payments.
Earthport’s clients include banks, foreign exchange businesses, money transfer
organisations, payment aggregators and e-commerce businesses. Through
Earthport’s well established payments infrastructure, clients can clear and
settle payments directly to banked beneficiaries in over 60 countries.
The company is headquartered in London and is listed on the Alternative
Investment Market (AIM) on the London Stock Exchange. It operates globally
with additional regional offices in Dubai and New York. Earthport plc is
authorised and regulated by the Financial Conduct Authority under the Payment
Service Regulations 2009 for the provision of payment services. To learn more,
please visit www.earthport.com and follow us via RSS or on social channels,
Twitter @Earthport, LinkedIn, Youtube and Slideshare.
Photos/Multimedia Gallery Available:
Reporters May Contact:
Claudia Urquiola/Terri Bloore, Finn Partners for Earthport, +220.127.116.1103
Louise Hennessy, Bank of America Merrill Lynch, 1.646.855.1403
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