Bank of America Merrill Lynch Applies Data Analytics to Foreign Exchange Payments
Bank of America Merrill Lynch (BofA Merrill) has announced enhancements to AutoFX, its automated currency conversion product for financial institutions. The capability uses data analytics to make settlements faster, less expensive and more certain for the sending bank. AutoFX now also allows users to customise criteria for automated conversion.
AutoFX enables a bank sending a cross-border payment on behalf of its client to have BofA Merrill automatically convert the payment into the recipient’s local currency. The integration of data analytics better enables AutoFX to quickly qualify eligible transactions that are destined for beneficiaries with local currency accounts.
The solution offers an expansive global reach, with up to 89 countries and 41 corresponding currencies. As its name suggests, once set up, AutoFX runs automatically, using machine learning to better evaluate each eligible transaction and convert those destined for beneficiaries with local currency accounts.