Bank of America Launches New Cash Management Service

CHARLOTTE, N.C., May 25 /PRNewswire/ -- Bank of America Global Treasury Services (GTS) today announced it has launched Global Treasury Director (GTD), a new Web-enabled cash management solution that gives companies a comprehensive view of cash flow positions, resulting in enhanced control, improved liquidity management, and effective concentration and investment of cash.

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"GTD will now provide our corporate clients with the type of cash flow visibility and forecasting solution traditionally available only with the purchase and installation of client server-managed treasury systems," said Tom Delany, senior vice president and concentration product manager, Bank of America. "The rollout of Global Treasury Director further enhances a comprehensive set of concentration and liquidity management solutions that we already offer." GTD leverages existing Bank of America systems to seamlessly integrate payment and receipts information and builds on the information using analysis and forecasting tools. Users can access a unified picture of cash flow through the Internet, 24 hours a day and from anywhere in the world.

GTD will allow Bank of America's clients to continue functioning in a familiar spreadsheet environment, but with the benefit of a single centralized database. It consolidates critical cash and liquidity information from many financial institutions into one database, eliminating the time-intensive tasks associated with aggregating data into usable form.

"According to research by treasury consulting firm Treasury Strategies, Inc., companies that are able to more effectively forecast their liquidity can increase their return on liquidity by up to 23 basis points," said Delany. "Our clients can now use GTD to realize this kind of advantage."

Major functions of the service include automated scheduling, balance and detail reporting, personalized cash position worksheets, cash forecasting, funds transfers, interest allocation, general ledger interface and treasury reconciliation. The funds transfer function provides the convenience of initiating concentration and funding transactions using ACH, wire or SWIFT.

About Bank of America Global Treasury Services

The Global Treasury Services (GTS) division of Bank of America provides integrated working capital management and treasury solutions to multi-national corporations, correspondent banks, governments and global 1000 businesses. GTS services include treasury management, trade finance, foreign exchange, short- term credit facilities and global liquidity management solutions. Bank of America GTS, the number one treasury and trade services provider in the United States, is part of the Global Corporate and Investment Banking Group, which provides innovative services such as M&A, equity and debt capital raising, lending, trading, risk management, treasury management and research.

About 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 provides unmatched convenience in the United States, serving more than 54 million consumer and small business relationships with more than 5,700 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 19 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange.