Bank of America Merrill Lynch and IdenTrust to Collaborate on Electronic Bank Account Management for Corporate Customers

CHARLOTTE, N.C. and SAN FRANCISCO, Feb. 22 /PRNewswire/ -- Bank of America Merrill Lynch and IdenTrust today announced plans to bring an electronic bank account management (eBAM) system to the bank's corporate clients, enabling them to open accounts, close accounts and modify bank mandates online.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20100222/CL57919LOGO )

(Logo:  http://www.newscom.com/cgi-bin/prnh/20090812/CL60095LOGO )

Bank of America Merrill Lynch envisions using the Trust Prime eBAM system from IdenTrust and expects to join the IdenTrust Trust Network, allowing the bank to issue interoperable digital identities that can be used around the world. Through these services, the bank account management process for clients can be fully electronic, which is expected to reduce end-to-end processing and support costs.

"Managing bank accounts can be a cumbersome, paper-intensive and time-consuming process," said Cindy Murray, Global Corporate Banking eCommerce executive at Bank of America Merrill Lynch. "These new capabilities have the goal of providing transparency and simplified workflow while allowing our customers to make changes to their accounts in an accelerated fashion. Our plans with IdenTrust and anticipated launch of eBAM are another example of Bank of America Merrill Lynch's ongoing investment in innovation and commitment to global expansion."

Karen Wendel, CEO of IdenTrust, said, "We are delighted to have the opportunity to help Bank of America Merrill Lynch deliver these new capabilities." Wendel added, "The IdenTrust framework is global in nature, and we believe it aligns perfectly with the Bank of America Merrill Lynch global model. Working with IdenTrust, banks can issue a single digital identity to a customer that can be used with any Web-based application, across any network in more than 170 countries around the world. The digital identities are fully interoperable with other banks that are members of the IdenTrust network. We anticipate a close relationship with Bank of America Merrill Lynch as it launches its eBAM service."

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.

www.bankofamerica.com

IdenTrust

IdenTrust is a leader in trusted identity solutions recognized by financial institutions, government agencies and businesses around the world.  The only bank-developed identity authentication system, IdenTrust provides a legally and technologically interoperable environment for authenticating and using identities in more than 175 countries.  IdenTrust enables end-users to have a single identity that can be used with any bank, any application, and across any network.  IdenTrust identities are globally interoperable under uniform private contracts.  

www.identrust.com

Forward-Looking Statements

Bank of America and its management may make certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation reform Act of 1995. These statements are not historical facts, but instead represent Bank of America's current expectations, plans, forecasts or cost savings with a possible arrangement with IdenTrust and other similar matters. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks as discussed under Item 1A. "Risk Factors" of Bank of America's 2008 Annual Report on Form 10-K, third quarter 2009 Quarterly Report on Form 10-Q, and in any of Bank of America's subsequent SEC filings. Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

CashPro® is a registered trademark of Bank of America Corporation.

SOURCE Bank of America Merrill Lynch