Bank of America’s Global Transaction Services (GTS) unit announced its first significant cash management deal arising out of the Memorandum of Understandfing it agreed last year with China Union Pay (CUP).
According to the companies:
“The alliance provides GTS cash management clients the benefit to pay into and debit out of individual, small business and corporate accounts across multiple banks in mainland China.”
For multinational firms extending their businesses into mainland China, improved cash management capabilities are critical.
Finextra also reports:
The announcement is complemented by Bank of America Merrill Lynch’s selection by Outback Steakhouse, a subsidiary of Bloomin’ Brands, Inc. (NASDAQ: BLMN), to provide a comprehensive suite of cash management solutions for its first company-owned location in Shanghai. Under the terms of the agreement, Bank of America Merrill Lynch will serve as one of the restaurant’s cash management banks in China, utilizing its CUP alliance, to provide enhanced localized solutions, including daily collections, merchant services, account management and electronic payments.
Bank of America’s extension into China of cash management and merchant services opens up new treasury services alternatives for many multinationals.
Click here to read more from Finextra.
