As part of its efforts to gain a beachhead among corporate clients, Bank of America Merrill Lynch last week announced a new investment app to be combined with the bank's treasury management portal.
Called CashPro Invest, it will be developed as part of an agreement with Cachematrix, which sells custom trading technology to financial institutions. The development is part of a multi-year investment by Bank of America in new technology for treasury management and corporate banking, two areas that are expected to receive a high level of IT investment over the coming year across the entire financial service industry.
The new app will be available later this year, and will enable new order entry, research and reporting for BofA's clients' investment activities. Fred Berretta, a global liquidity solutions executive at BofA, says the new app will offer clients "faster navigation, faster speed and other benefits."
CashPro Invest will be combined with CashPro Online, the treasury management portal the bank launched in 2009. CashPro Online will also be expanded over the next year with added payments and integrated reporting applications.
Cachematrix also hosts an investment account management application within BofA called MoneyMarkets Express. Clients using that platform will migrate to CashPro Invest later this year.
Read the article on AmericanBanker.com
About Cachematrix
Cachematrix is the leading financial software provider (SaaS) of online institutional trading systems for banks and financial institutions worldwide, providing
turnkey solutions for money market portal technology, as well as fixed income and variable NAV trading systems. For more information, visit
www.cachematrix.com.
