Bank Of America Unveils Longest Foreign Exchange Rate Guarantee

Bank of America Corporation (NYSE:BAC) shares are trading lower premarket on Monday after the firm stated that it is streamlining foreign exchange (FX) risk management for cross-currency payments and receipts.

The bank introduced Guaranteed FX Rates of up to one year. That’s the longest tenor in the industry, Bank of America says. This solution will help companies reduce exposure to currency fluctuations and simplifies treasury management tasks like forecasting and reconciliation.

This year marks the eighth anniversary of Bank of America’s introduction ...