Bank of America Merrill Lynch has licensed the SWIFT MyStandards product, a web-based application designed to facilitate the management of global standards and market practices across the financial industry.
Initially, Bank of America Merrill Lynch (BofA Merrill) will use MyStandards for its custody message expansion program. The initial BofA Merrill custody message publication via MyStandards is scheduled for the fourth quarter.
The bank said that the expansion will widen 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.
Morgan Downey, head of global custody and agency services for BofA Merrill, said: "MyStandards is a simple yet powerful way to connect with our clients and servicers while adding efficiency. Clients will benefit from the transparency of our message guidelines and enjoy easy access to annual SWIFT release changes and our own product enhancements.
"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," added Downey.