Ranked No. 1 in Purchasing Card Volume
Company Website:
http://www.bankofamerica.com
NEW YORK -- (Business Wire)
Commercial card programs offered by Bank of America Merrill Lynch
continue to grow in popularity for treasury departments in the United
States, according to rankings published in the June 2015 issue of the
Nilson Report, a publication covering payments systems worldwide.
In the annual listing, Bank of America Merrill Lynch ranked No. 1 in
Purchasing Card volume, with a 13% year-over-year growth. The bank also
attained top placements in a number of other measurements, including No.
3 in Corporate Cards, with volume growing 18% year-over-year, and No. 5
in Prepaid Cards, with a 2% year-over-year volume growth.
“We are very gratified by these results, which ultimately reflect the
continued trust our clients have in not only our solutions, but in the
level of service we are committed to providing from on-boarding through
the life of their programs,” said Kevin Phalen, head of Global Card and
Comprehensive Payables at Bank of America Merrill Lynch. “Over the last
five years, we’ve made considerable investments into our platform,
extending our capabilities in response to the demands of our clients.”
Recent enhancements to BofA Merrill’s Card capabilities include:
introducing an enhanced web-based reporting tool to allow Prepaid Card
clients to more easily manage their programs; expanding Purchasing and
ePayables solutions to 31 countries; launching Travel and Entertainment
Cards in South Africa and Turkey, with plans to launch in several more
countries later this year; and, following the introduction of BofAML Travel
Pro in Europe in February, clients now have improved travel expense
management. Treasury Management International magazine named BofAML
Travel Pro as the Best Card Solution in the publication’s Technology
Innovation Awards.
“It’s an exciting time to be a leader in the global payments area, where
digital innovations and new mobile offerings are being introduced on an
increasingly common basis,” said Ather Williams, head of Global
Transaction Services at Bank of America Merrill Lynch. “Our clients are
constantly looking for increased efficiency and improved analytics. We
look forward to working with them on how together we can capitalize on
these innovations to further their payment objectives and 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 Transaction Services
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 40 million credit card merchants and
ATMs.
For more information regarding BofA Merrill’s card solutions, please
visit http://www.bofaml.com/en-us/content/card-solutions.html
Bank of America
Bank of America is one of the world's leading
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 48 million
consumer and small business relationships with approximately 4,800
retail financial centers and approximately 15,900 ATMs and award-winning
online banking with 31 million active users and approximately 17 million
mobile 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
3 million small business owners through a suite of innovative,
easy-to-use online products and services. The company serves clients
through operations in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of America
Corporation stock (NYSE: BAC) 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 member of SIPC,
and, in other jurisdictions, a locally registered entity. Merrill Lynch,
Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional
Clearing Corp. are registered as futures commission merchants with the
CFTC and are members of the NFA. Investment products offered by
Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value *
Are Not Bank Guaranteed.
Visit the Bank of America newsroom for more Bank
of America news.
www.bankofamerica.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20150803005814/en/
Contacts:
Reporters May Contact:
Louise Hennessy, Bank of America Merrill
Lynch, 1.415.913.3641
louise.hennessy@bankofamerica.com
Source: Bank of America
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