SOURCE: BankServ

BankServ, experts in electronic payments

October 26, 2010 02:00 ET

BankServ's Corporate SWIFT Service Bureau to Be Offered by Bank of America Merrill Lynch

LONDON--(Marketwire - October 26, 2010) -  BankServ and Bank of America Merrill Lynch today announced an agreement to create a Global SWIFT Service Bureau solution for the bank's many Fortune 1000 clients worldwide.

BofA Merrill's 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.

"BofA Merrill was one of the pioneering banks and a current leader in supporting corporate SWIFT connectivity," said Cindy Murray, eCommerce Executive at BofA Merrill. "We 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."

Mary Ellen Putnam, vice president of BankServ's International division, said, "We 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 clients' treasury needs, as well as the bank's requirements to enable proper integration."

BofA Merrill has offered SWIFT corporate services to clients since 2003, advising clients on how to communicate using FIN and FileAct, the two most commonly used services on the SWIFT network. The solution works in conjunction with a fully integrated middleware application, which does the message transformation required for straight-through processing between any corporate back-office system and any number of banks. BankServ also provides the required SWIFT expertise, professional project management and implementation services, as well as 24/7 technical support for ongoing upgrades, disaster recovery and essential maintenance.

Contact BankServ at +44 (0) 20 7073 7820 outside the United States or (415) 277-9900 in the United States. You can also visit our website at www.bankservinternational.com for a local distributor.

About BankServ

Since 1996, BankServ has been developing and delivering leading-edge electronic payments and messaging solutions for over 400 financial institutions and corporations across the globe. BankServ works with distributors in over 52 countries worldwide to provide both local representation and a superior technology offering. More information about BankServ can be found at www.bankservinternational.com.

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 approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 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 4 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, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed