BofA Merrillâs Global SWIFT Service Bureau will be operated and managed by BankServ through a white label agreement and will provide a suite of software, hardware, and integration and transformation services that are highly scalable and flexible. By offering a comprehensive service bureau solution in conjunction with treasury banking services, BofA Merrill and BankServ will enable companies to achieve the benefits of SWIFT connectivity at a substantially lower cost than direct connectivity.
âBofA Merrill was one of the pioneering banks and a current leader in supporting corporate SWIFT connectivity,â said Cindy Murray, eCommerce Executive at BofA Merrill. âWe have advised and supported some of our largest corporate clients in this complex effort, and now we can extend our advisory role by providing a cost-effective, reliable and secure service bureau alternative.â
Mary Ellen Putnam, vice president of BankServâs International division, said, âWe look to this agreement as a natural progression in our relationship with BofA Merrill, with whom we have already worked on many corporate SWIFT implementations. We understand their clientsâ treasury needs, as well as the bankâs requirements to enable proper integration.â