BAML introduces new CashPro BillPay payment solution

Bank of America Merrill Lynch (BAML) has added CashPro BillPay to its suite of payments solutions targeting business clients such as small- to medium-sized companies.

Bank of America Merrill Lynch (BAML) has added CashPro BillPay to its suite of payments solutions targeting business clients such as small- to medium-sized companies.

According to BAML, the new payment solution will assist in shifting to a paper-free payments process that allows more automation, control and precision in payments timing and cash flow.

CashPro BillPay, which is offered in partnership with Bill.com, will complement BAML’s existing payments products designed for clients ranging in size from large corporations to small businesses.

BAML global treasury product platforms and eChannels head, Cindy Murray, said: "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.

"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."

Through the new tool, companies will be able to easily upload invoices into the application, route them for approvals and schedule both electronic and paper payments.

BofA Merrill head of global commercial banking transaction services, Galen Robbins, added: "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."