Bank of America Merrill Lynch Introduces CashPro® BillPay
New Payments Solution Targets Small- to Medium-sized Companies
NEW YORK -- April 7, 2014
Bank of America Merrill Lynch today announced the addition of CashPro^®
BillPay to the firm’s suite of payments solutions for business clients.
CashPro BillPay helps small- to medium-sized companies move to a paper-free
payments process that allows more automation, control and precision in
payments timing and cash flow.
CashPro BillPay is fully integrated with CashPro Online, BofA Merrill’s client
access channel designed to deliver the firm’s power through convenient access,
with robust security features, to a broad range of comprehensive capabilities.
It complements BofA Merrill’s existing payments products designed for clients
ranging in size from large corporations to small businesses. CashPro BillPay
is provided by BofA Merrill through a relationship with Bill.com, a leading
business payments network company in which Bank of America has a partial
“With CashPro BillPay, small- to medium-sized companies now have an
easy-to-use payments application that integrates seamlessly with most widely
used accounting packages,” said Cindy Murray, head of Global Treasury Product
Platforms and eChannels for BofA Merrill. “Instead of asking our clients to
change the way they work to fit in with us, we are integrating our payments
channels into the workflow in which they already operate.”
CashPro BillPay can make it easier for companies to move toward a more
efficient, paperless operation by eliminating manual invoice processing and
in-house paper check production. Through this tool, companies can easily
upload invoices into the application, route them for approvals and schedule
both electronic and paper payments. In addition:
*All check production is handled by BofA Merrill, eliminating the need for
physical signatures, check printing equipment, mailing and storage.
*A document repository provides a central place to digitally store
important items such as past invoices, monthly bills and related
contracts, all easily accessible to a company’s multiple users and
*All clients will have access to a large vendor directory, allowing them to
instantly link with vendors for electronic payments without the need for
bank account information.
*A comprehensive fraud management program for paper checks is integrated
directly into the system.
“When our clients utilize CashPro BillPay, they are able to spend less time
managing their manual accounts payable and payments processes and more time
focusing on growing their business,” said Galen Robbins, head of Global
Commercial Banking Transaction Services for BofA Merrill. “CashPro BillPay
makes it easier for them to manage their routine payments, be more efficient
and leverage their existing accounting packages. We can help our clients spend
less time managing internal processes and more time growing their business and
serving their clients.”
CashPro BillPay is being piloted with select clients and will be phased in on
a state-by-state basis, with completion throughout the U.S. planned by
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. The company
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million consumer and small business relationships with approximately 5,100
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banking with 30 million active users and more than 14 million mobile users.
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Reporters May Contact:
Will Wilson, Bank of America Merrill Lynch, 1.980.388.3360
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