Enhanced Technology to Benefit Both Buyers and Suppliers
Bank of America Merrill Lynch, a leading provider of global transaction services, have unveiled its online supply chain finance module available on Trade Pro. Launched in March this year, Trade Pro is the trade processing application within CashPro® Online, the online banking channel for corporate clients. The new module, Trade Pro Supply Chain Finance, offers buyers and suppliers around the world a powerful, collaborative tool and leading-edge technology to manage risk while freeing up working capital, streamlining business processes and reducing the costs associated with supply chain management.
“The release of the new supply chain finance capabilities is an exciting development of our Trade Pro application,” said Bruce Proctor, head of Global Trade and Supply Chain Finance at Bank of America Merrill Lynch. “The new module will help our buyer clients and their suppliers efficiently manage their cash flow by allowing faster access to funds and information, which will ultimately assist them in optimizing their working capital.”
A key feature of Trade Pro Supply Chain Finance (SCF) includes an improved user interface, enabling immediate access to critical supply chain finance data that will aid companies in decision making and auditing. The module, which is available in nine languages, offers robust online reporting, allowing suppliers to create dynamic reports on a scheduled or ad hoc basis.
Trade Pro SCF allows buyers and suppliers to equally leverage the tool based on their internal systems, capabilities, and financial objectives by:
- Submitting invoices and credit memos to efficiently manage and initiate discount offers.
- Selecting flexible business rules to automate and streamline approval process.
- Dynamically managing invoice and credit memo details through notifications, data mining, and reporting.
- Collaborating with their counterparty to resolve discrepancies, or execute transactions through real-time notifications of key supply chain finance events such as availability of invoices for discounting.