BofA Extends Guaranteed FX Rates Up to 1-Year

Core Insights - Effective management of FX risk can significantly benefit companies involved in cross-border payments, particularly as their business models evolve and payment volumes increase [1] - The volume and value of cross-border payments have seen substantial growth, driven by sectors such as e-commerce, services, manufacturing, and gig industries, alongside technological innovations [1] - Bank of America has expanded its Guaranteed FX Rates service, now supporting over 200 currency pairings and offering a 1-year tenor in 37 pairs, with notable volumes in pairs like USDMXN and EURUSD [1] - Clients utilizing Guaranteed FX rates in 2024 have contributed to over 20% of the year-to-date volume growth [1] Company Developments - Bank of America has been recognized as the World's Best Bank for FX Payments by Euromoney magazine, highlighting its rapid rise in the transactional FX market and its strategic vision and innovative products [3] - The CashPro® platform allows Bank of America clients to access Guaranteed FX Rates without requiring additional technology changes, enhancing cash flow forecasting for corporate treasurers [2][4] Company Overview - Bank of America is a leading global financial institution, serving approximately 69 million clients in the U.S. and operating in over 35 countries, offering a wide range of banking and financial services [5]