Bank of America Global Treasury Services division has announced that it is piloting a web-based international trade activity management product in Asia.

Trade Direct Services (TDS) will provide straight-through processing for the full range of international trade products including import, export and standby letters of credit, collections and purchase order processing

Treasury inetgration

TDS is the latest component of Bank of America Direct, which the bank describes as a comprehensive transaction and information platform that allows clients to manage payments, receipts and treasury activity via the internet. The addition of TDS to this existing platform will provide a new level of integration between treasury and trade services for the bank's clients in Asia.

As well as providing straight-through processing for the full range of international trade products, the bank says TDS will also be able to deliver information through activity reports.

Roll-out

Preliminary approval has already been granted to use TDS in Hong Kong and Singapore. Bank of America expects approval for implementation in other Asian countries in the near future. According to the bank, TDS will be rolled-out to a greater marketplace later this year.

With 31 international offices serving clients in over 150 countries, Bank of America claims its internet web site provides online access for more than 3 million customers, which it says is more than any other bank.

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