Bank of America Merrill Lynch has launched a global liquidity platform, a centralized hub it said offers enhanced reporting capabilities and a streamlined workflow by eliminating dependence on multiple account platforms.

“As the financial climate has changed, our clients have become increasingly savvy about their liquidity needs and cash concentration structure,” Greg Kavanaugh, Bank of America Merrill Lynch’s head of global liquidity, pricing and segment integration said in a statement. “With a modular approach that operates through a single hub, we are eliminating dependency on multiple account platforms.”

The firm added that users of its interest optimization tool, which debuted in April, got a glimpse into the global liquidity platform’s capabilities. Bank of America Merrill Lynch said the interest optimization tool creates an end-of-day global position of client balances, which can be important for client accounts held in multiple currencies.