Bank of America Merrill Lynch Selects Accuity?s IBAN Solutions to Help Its Corporate Clients Achieve SEPA Compliance

London UK (PRWEB) July 2, 2010

Bank of America Merrill Lynch (BofA Merrill) today announced that it has selected Accuity?s international bank account number (IBAN) conversion and validation solutions to help corporate clients successfully meet the compliance challenges of the Single Euro Payment Area (SEPA) initiative. These solutions can help reduce the cost to clients of processing eurozone payments by automatically converting legacy account details into valid IBANs and correct routing Bank Identifier Codes (BICs).

?The unparalleled solutions offered by Accuity provide the essential tools our clients need in order to reduce costs, optimise payment efficiencies and manage previously manual, time-consuming processes,? comments Carole Berndt, head of Global Treasury Services, Europe, the Middle East and Africa (EMEA). ?The referral arrangement we now have in place with Accuity demonstrates yet another way in which Bank of America Merrill Lynch is focused on providing clients with products and services that allow them to move money faster, more safely, and with greater ease anywhere in the world.

?We believe Accuity?s end-to-end IBAN conversion, validation and maintenance solutions help us provide our clients with a comprehensive solution to convert legacy account payments data into SEPA payment format.?

By submitting payment transactions that contain the correct IBAN and routing BICs, BofA Merrill?s clients should benefit from higher rates of payment straight through processing (STP) and experience a reduction in the inefficiencies associated with payment errors and repairs.

?Accuity has a relationship with Bank of America Merrill Lynch that dates back over 70 years,? said Malcolm Taylor, Accuity?s managing director for EMEA and Asia Pacific. ?We are excited to offer our enhanced IBAN services to the bank?s valued customers so that they can benefit from the lower cost of SEPA-compliant payments.

?Accuity?s IBAN solutions are underpinned by a unique, comprehensive and multi-layered verification process. They help users convert legacy account information quickly and efficiently into accurate and validated IBANs that are required for certain SWIFT payment messages.?

The referral agreement with Accuity is part of BofA Merrill?s multi-year investment in new technology and supports the company?s continued focus on treasury management, corporate banking and other businesses in key global markets.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company's corporate and investment banking, and sales and trading businesses operate under the Bank of America Merrill Lynch brand. Bank of America Merrill Lynch focuses on middle-market and large corporations, institutional investors, financial institutions and government entities. It provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, research, and liquidity and payments management. Bank of America Merrill Lynch serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and nearly 96 percent of the Fortune Global 500.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

http://www.bankofamerica.com

Accuity

Accuity is the leading provider of global payment routing data, AML screening software, and services that allow organisations, across multiple industries, to maximise efficiency and facilitate compliance of their transactions.

Accuity maintains the most authoritative and comprehensive databases globally with a reputation built on the accuracy and quality of our data, products and services.

Accuity provides the industry with its Golden Copy of payment data, delivering essential and readily-accessible payment information with precise and comprehensive data for all bank offices worldwide. Only Accuity has the following key strategic partnerships:

????Accuity is the official provider of the European Payments Council SEPA adherence database.
????Accuity is the official provider of the Euro Banking Association Priority Payment Scheme central registry.
????Accuity is the official registrar for the American Bankers Association routing numbers.
????Accuity is the official provider of the Irish Payments Services Organisation?s (IPSO) directory of National Sort Code database.

For more than 150 years Accuity?s worldwide clients, located in over 150 countries, have included banks, corporations and government organisations. The solutions and services Accuity provides are packaged in multiple formats to serve their diverse needs.

For more information, contact Accuity at http://www.accuitysolutions.com.

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Related Swift Code Press Releases

Algorithmics? Insurance Solutions Poised for Future Growth Following Strategic Integration of VIPitech

London, Toronto (PRWeb UK) February 15, 2011

Algorithmics, the leading provider of enterprise risk solutions, today announced that, following its successful acquisition of VIPitech in June 2010, it has made significant steps towards the strategic integration and alignment of VIPitech within Algorithmics. From now on, VIPitech will be known as Algo Financial Modeler and will continue to be sold as a standalone product and also as part of Algorithmics? integrated family of insurance solutions.

Dr Andrew Aziz, Executive Vice President of Buy-Side Solutions at Algorithmics, said: ?Following the successful integration of the VIPitech business into Algorithmics, the time is right to name VIPitech to fit in with Algorithmics? family of products. The product has a key role and future in our insurance solution strategy and, going forward, it will be known as Algo Financial Modeler. Since the acquisition, we have retained all existing VIPitech clients, acquired some important new clients and have developed a growing pipeline of new prospects. On the development front, we are continuing our extensive program of product enhancement.?

Candice Thompson, Senior Director, Algo Financial Modeler, said: ?We are very excited by the immediate impact that our product has had within Algorithmics since the acquisition. The future for Algo Financial Modeler is bright, both as a standalone offering and as an integrated solution within Algorithmics. We continue to invest in product development to retain our leadership position. The latest release of Algo Financial Modeler, Version 1.5, contains technological innovations that have the potential to reduce overall hardware costs and improve model run times ? something that is particularly important for Solvency II, other risk-based capital regimes and accounting principles. We have observed some models running over ten times faster on the new version.?

Further enhancements to Algo Financial Modeler are planned and an extensive development roadmap has been published to clients and prospects outlining enhancements to the product in line with client and target market needs over the next few years.

For more information about Algorithmics? solutions for the insurance industry, visit:

http://www.algorithmics.com/EN/solutions/myindustry/insurance.cfm

For more information about Algorithmics' award winning and patented solutions, visit: http://www.algorithmics.com

ENDS

For further information please contact:

Heather Smith, Senior Communications Manager, Algorithmics (UK) Ltd

Direct line +44 (0) 20 7392 5820 Mobile +44 (0) 7515 974223

E-mail Heather(dot)smith(at)algorithmics(dot)com

Notes to Editors:

Algorithmics is the world's leading provider of risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group. http://www.algorithmics.com

Algo Financial Modeler, formerly VIPitech, is a market-leading software used for actuarial and financial analysis by insurance and financial services firms. The building and interaction of large and complex company rules are made simple in the development environment of the system. Designed for actuaries, asset and liability models contained in Algo Financial Modeler are easy to use, understand and review. Due to its modular concept and optimized production environment, the actuarial code is streamlined and reused efficiently to perform all the functions in the actuarial control cycle and for balance sheet calculation of capital and liabilities for regulatory regimes such as Solvency II.

Economic Capital and Solvency II solution offers insurance firms a solution that is defined by both its sophistication and its streamlined ease of use. Its risk measurement, management and reporting processes are automated, enabling the rapid generation of detailed risk and compliance reports at both individual and aggregate levels, and providing an overall view of capital consistent for both standard formula and internal model approach under Solvency II. It helps decision-makers to swiftly recognize the full spectrum of a firm?s material risks, performs capital aggregation and attribution, and enables them to incorporate risk management into their planning to support future growth.

Fitch Group is the parent company of Fitch Ratings, a global ratings agency committed to providing the world's markets with independent, timely and prospective credit opinions. With 49 offices worldwide, Fitch Ratings? global expertise spans across capital markets in over 150 countries. Fitch Ratings is headquartered in New York and London.

The Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics and related services; and Algorithmics, the world's leading provider of enterprise risk solutions.

The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France.

For additional information, please visit http://www.fitchratings.com http://www.algorithmics.com and http://www.fimalac.com

? 2011 Algorithmics Software LLC. All rights reserved. ALGORITHMICS, Ai Logo, ALGORITHMICS & Ai Logo, ALGO, MARK-TO-FUTURE, RISKWATCH, KNOW YOUR RISK, ALGO RISK, ALGO MARKET, ALGO CREDIT, ALGO COLLATERAL, ALGO FIRST, ALGO ONE, ALGO FOUNDATION, ALGO FINANCIAL MODELER, ALGO OPVAR and TH!NK Logo are trademarks of Algorithmics Trademarks LLC.

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