Bank of America Corp. hopes to improve the ability of its corporate clients to view their financial positions worldwide with its new Global Liquidity Platform.
The technology serves as a centralized hub through which the Charlotte company plans to deliver new treasury products "without being impeded by development on the core platform," Greg Kavanaugh, the head of global liquidity, pricing and segment integration at B of A, said in an interview Friday.
"The core platform … is where the individual accounts" are "housed country by country," he said. "This is essentially an overlay to develop products to aggregate those balances and/or positions for enhanced cash management."
For example, the company developed a product called Interest Optimization that went live in April. It gives users a view of their end-of-day global positions.
B of A is seeking corporate clients to test the technology, which is ideal for businesses that deal in multiple currencies in multiple countries, Kavanaugh said.
"What this allows us to do is better link client accounts and positions for visibility and control of those funds," he said.
