Bank of America Merrill Lynch has launched Cuenta Controlada (Controlled Account) services in Mexico for Mexican pesos and US dollar transactions.
The new offering is an addition to the suite of transaction services available to clients operating in Mexico.
Cuenta Controlada regulates the exchange of cash among multiple parties based on agreed upon contractual provisions as specified by a client, said Juan Pablo Cuevas, head of global transaction services for Latin America and the Caribbean.
Bank of America Merrill Lynch acts as an independent third party to receive, hold and subsequently disburse the funds.
“This is an exciting development for our clients needing controlled account services in Mexico,” said Cuevas. “Cuenta Controlada can significantly help companies manage their risk exposure and improve efficiencies."
"Importantly, the product is supported by our integrated suite of services including our online banking portal, CashPro Online, and its numerous modules such as information reporting.”
Cuenta Controlada can be used to support a variety of corporate situations that involve cash only deposits, such as settlement of large mergers and acquisitions, good faith deposits or break fees, and subscriptions relating to a capital strategy.
Bank of America Merrill Lynch’s global escrow services group now covers 15 jurisdictions across Europe, Asia, North and South America.
