Bank of America Merrill Lynch today announced that it has licensed the
SWIFT MyStandards product, an innovative web-based application designed
to facilitate the management of global standards and market practices
across the financial industry.
BofA Merrill, a global provider of custody and agency services, will
initially use MyStandards for its custody message expansion program. The
expansion will broaden the instruction and reporting messages used by
clients, agents and internally across BofA Merrill Global Transaction
Services business lines to facilitate greater straight through
processing.
“MyStandards is a simple yet powerful way to connect with our clients
and servicers while adding efficiency,” said Morgan Downey, head of
Global Custody and Agency Services for BofA Merrill. “Clients will
benefit from the transparency of our message guidelines and enjoy easy
access to annual SWIFT release changes and our own product enhancements.”
The initial BofA Merrill custody message publication via MyStandards is
scheduled for the fourth quarter.
“While MyStandards provides significant immediate benefit for standards
documentation control, we are very excited about its future impact in
the message testing process,” Downey said. “MyStandards re-engineers
testing by eliminating the time lags involved with set up and
communication link coordination, allowing clients to focus on the
message content. The net result is a greatly reduced implementation
timeframe.”
SWIFT
SWIFT is a member-owned cooperative that provides the
communications platform, products and services to connect more than
10,000 banking organisations, securities institutions and corporate
customers in 212 countries and territories. SWIFT enables its users to
exchange automated, standardised financial information securely and
reliably, thereby lowering costs, reducing operational risk and
eliminating operational inefficiencies. SWIFT also brings the financial
community together to work collaboratively to shape market practice,
define standards and debate issues of mutual interest.
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. We serve approximately 52 million
consumer and small business relationships with approximately 5,400
retail banking offices and approximately 16,300 ATMs and award-winning
online banking with 30 million active users. Bank of America is among
the world's leading wealth management companies and is a global leader
in corporate and investment banking and trading across a broad range of
asset classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers industry-leading
support to approximately 3 million small business owners through a suite
of innovative, easy-to-use online products and services. The company
serves clients through operations in more than 40 countries. Bank of
America Corporation stock (NYSE: BAC) is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global
banking and global markets businesses of Bank of America
Corporation. Lending, derivatives, and other commercial banking
activities are performed globally by banking affiliates of Bank of
America Corporation, including Bank of America, N.A., member
FDIC. Securities, strategic advisory, and other investment banking
activities are performed globally by investment banking affiliates of
Bank of America Corporation (“Investment Banking Affiliates”),
including, in the United States, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, which is a registered broker-dealer and member of FINRA
and SIPC, and, in other jurisdictions, a locally registered
entity. Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
Copyright 2013 Bank of America Corporation. All rights reserved. Bank of
America, Merrill Lynch, Broadcort and their logos are trademarks of
Bank of America Corporation and/or its affiliates.
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