BankAmerica Corp. and Chase Manhattan Corp. plan to show U.S. corporate treasurers next week some major enhancements in their lines of global cash management products.
The banking companies will use the Treasury Management Association conference in San Diego as their showcase.
BankAmerica plans to promote a new version of its International Treasury management software, IT/2. Chase expects to show off a new multicurrency bank account, Chase Liquidity Manager.
Both products were introduced a few months ago but have been marketed in Europe. Thousands of American corporate cash managers are expected to get their first look at the new products at the conference.
Boost to Business Expected
Executives of both banks said the new products will give their respective institutions a big boost in global cash management, a niche market dominated by BankAmerica, Chase, and Citicorp.
"We think this front-end technology is a key differentiater for us," said Colin Klipin, an executive vice president at BankAmerica.
The Treasury Management Association's conference, held annually since 1979, is the largest gathering of corporate treasurers in the country. This year, more than 3,700 attendees and 300 exhibitors are expected.
Banks view the conference as an annual showcase for their latest and greatest cash management technologies. Several institutions, including First Chicago and Chemical Bank, also are planning new product introductions at the show.
BankAmerica's new IT/2 software is basically an upgraded version of program the bank has sold since the mid-1980s.
Treasurers use the IT software to track and forecast funding requirements for multicurrency accounts, to initiate wire transfers, and to track positions in foreign exchange trades.
The older IT software runs only on one personal computer at a time. IT/2 runs on local area networks of up to 10 International Business Machines Corp. PS/2 microcomputers, and employs a new graphical user interface, Mr. Klipin said.
BankAmerica developed the new IT/2 software with SmithKline Beecham PLC, the first corporation to use it.
Chase's new Liquidity Manager is meant to help corporations maximize interest income and minimize fees by treating the cumulative total of funds in dozens of accounts in different currencies as a single account. The product works only for funds held at Chase's London branch.
Diane Easdon, a Chase product manager in London, said that currently no other bank offers such a multicurrency account pooling product, although she predicted that other banks will soon be developing them.