BofA Merrill, a global provider of custody and agency services, will initially use MyStandards for its custody message expansion program. The expansion will broaden the instruction and reporting messages used by clients, agents and internally across BofA Merrill Global Transaction Services business lines to facilitate greater straight through processing.

“MyStandards is a simple yet powerful way to connect with our clients and servicers while adding efficiency,” said Morgan Downey, head of Global Custody and Agency Services for BofA Merrill. “Clients will benefit from the transparency of our message guidelines and enjoy easy access to annual SWIFT release changes and our own product enhancements.”

The initial BofA Merrill custody message publication via MyStandards is scheduled for the fourth quarter.

“While MyStandards provides significant immediate benefit for standards documentation control, we are very excited about its future impact in the message testing process,” Downey said. “MyStandards re-engineers testing by eliminating the time lags involved with set up and communication link coordination, allowing clients to focus on the message content. The net result is a greatly reduced implementation timeframe.”

SWIFT
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

Bank of America
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