Press release from Business Wire
Bank of America Merrill Lynch Enhances ePayables
Tuesday, May 29, 2012
NEW YORK (Business Wire) -- Bank of America Merrill Lynch, a global provider of transaction services, today announced the launch of exact auth override, an enhancement to the flagship card solution, ePayables. Exact auth override will be available to clients starting mid-July and completes the suite of payment options for clients using ePayables.
This significant new development to BofA Merrill's ePayables solution comes on the heels of push payments and secure email, which were added in the fourth quarter of 2011. The full suite of solutions offers a number of benefits to clients.
- Exact auth override provides greater payment control by authorizing payments for a specific amount, down to the penny.
- Push payments enable clients to automate supplier payments by disbursing the funds directly to a supplier's account. The straight-through process requires no supplier intervention, resulting in auto reconciliation for clients as well as efficiencies for suppliers. Push payments offer the additional benefits of enhancing compliance with Payments Card Industry (PCI) standards, and reducing the potential for fraud since no card account information is exchanged in the process.
- With secure email, clients can automate communication of card accounts knowing that their information is protected. This feature both accelerates a company's conversion to card and increases the volume of electronic payments.
BofA Merrill's ePayables solution integrates seamlessly with a company's accounts payable processes with minimal impact on technical resources. In 2011, ePayables achieved a significant milestone when it passed the $10 billion mark in payments processed, firmly establishing BofAML as one of the leading providers of automated payment solutions. Since ePayables was first offered nearly seven years ago, payments processed through the card solution have grown significantly across all market segments, demonstrating the confidence clients have placed in BofA Merrill as a provider of end-to-end payments services.
"Bank of America Merrill Lynch is a pioneer in ePayables solutions, having developed over the years sophisticated tools to match the needs of both payers and payees - from dedicated vendor card to single use card per transaction, and from supplier initiated payments to push payments," said Kevin Phalen, head of Commercial Cards and Comprehensive Payables at BofA Merrill. "Today's announcement about exact auth override signifies the completion of our suite of solutions that allows companies to introduce faster, safer and more robust transaction processes to help them more effectively manage their working capital.”
With more than 1,000 clients making payments to more than 56,000 vendors, ePayables leverages the bank's patented Active Card Control™ technology, allowing clients to manage available funds in real-time, reducing risk and increasing control. By shifting from paper to electronic payments and consolidating payments, companies can see significant gains in liquidity and increase their working capital.
About Bank of America Merrill Lynch Commercial Card
Bank of America Merrill Lynch is a leading provider of card solutions to large and middle market companies, globally, and to federal, state and local government entities in the United States. BofA Merrill's Commercial Card group works with these organizations to design integrated ePayments solutions that help unlock working capital while increasing efficiency, visibility and control.
As part of the Global Treasury Solutions business, BofA Merrill's Commercial Card and Comprehensive Payables group develops strategies and solutions that are closely aligned to the treasury goals of corporate, commercial and government entities.
BofA Merrill cardholders can be served in numerous languages and have access to a worldwide network of more than 32 million credit card merchants and ATMs.
In 2011, the bank added new card solutions in 18 countries, and by the end of 2012, it plans to offer card solutions in more than 70 countries and 29 currencies.
For more information regarding BofA Merrill's card solutions, please visit http://corp.bankofamerica.com/business/ci/card-solutions.
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 provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
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, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and a member 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.
For more Bank of America news, visit the Bank of America newsroom.
Reporters May Contact:
Louise Hennessy, Bank of America Merrill Lynch, 1.646.858.1403