Bank of America Merrill Lynch is planning to create CashPro Invest, a new investment application that would be integrated with the bank's latest treasury management portal CashPro Online.
CashPro Invest will be developed through an agreement with Cachematrix, a provider of custom trading solutions for global financial institutions. The new order entry, research and reporting application is expected to provide efficiency and give clients service in investment activities. The application is scheduled to be launched later this year.
CashPro Invest will be integrated with CashPro Online, the new treasury management portal that Bank of America Merrill Lynch launched in 2009. CashPro Invest will be provided through the Bank of America’s investment banking affiliates – Banc of America Securities and/or Merrill Lynch, Pierce, Fenner & Smith. CashPro Online also will be enhanced over the next year with new payments and information reporting applications.
Cachematrix currently hosts a separate investment account management application within Bank of America Merrill Lynch called MoneyMarkets Express. Clients now using that platform, as well as those using another existing investment application, will migrate to CashPro Invest starting later this year.
Fred Berretta, global liquidity solutions executive at Bank of America Merrill Lynch, said: “By leveraging the latest technology and best practices, CashPro Invest will deliver the investment capabilities that our clients expect from an industry-leading financial services firm. This new application will offer clients improved navigation, faster speed and other benefits, and serves as another example of Bank of America Merrill Lynch’s ongoing investment in innovation and commitment to global expansion.”
George Hagerman, CEO of Cachematrix, said: “We’re pleased to build on our existing relationship with Bank of America Merrill Lynch and welcome the opportunity to help create a leading investment application in CashPro Invest.”