Bank of America Merrill Lynch has launched a new servicedesigned to reduce counterparty risk and improve efficiency forcompanies operating in Mexico. The Cuenta Controlada (controlledaccount) service regulates the exchange of cash—in either pesos orU.S. dollars—among multiple parties based on agreed-uponcontractual provisions. Bank of America Merrill Lynch serves as anindependent third-party in the transactions, in which role itreceives, holds, and disburses the funds.
|Businesses may use the service to support a wide range oftransactions, including settlement of mergers and acquisitions,good faith deposits or break fees, disbursement of milestonepayments related to a project, holdbacks or earnings premiums in abusiness purchase, and legal or banking fees in a workout. Bank ofAmerica Merrill Lynch says the product is supported by itsintegrated suite of services, including the online banking portalCashPro Online
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