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BofA Merrill Announces Enhancements to Global Card Capabilities for Companies and Public Sector Clients

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Bank of America Merrill Lynch, a leader in card services for middle-market, large corporate and public sector clients, today announced that it has enhanced its global card capabilities with new products, services and geographies. The expanded capabilities are the latest developments of a multi-year investment strategy, and reflect the continuing importance of card products to creating optimal working capital solutions for corporations and public entities.

“Everything we’ve done over the last year to enhance our global card programs has been in direct response to client demand,” said Kevin Phalen, head of Global Card and Comprehensive Payables in Global Transaction Services (GTS). “The feedback we receive from clients at our proprietary conferences and day-to-day interactions is critical to designing our investment plans and determining how and where to expand our geographic footprint. We look forward to growing our business with new and existing clients in 2015 and beyond.”

Some of the significant enhancements introduced over the last year include:

  • Expanded the country footprint: The global reach of our card programs was extended to Guatemala and Turkey.
  • Enhanced delivery capabilities: We now provide real-time account management and integrated global data consolidation in Hong Kong and India.
  • Investments in servicing: For our clients’ corporate travelers, we continue to invest in our phone and mobile based solution set. The enhanced functionality allows users to access data and live support via their preferred channel anywhere around the globe, 24×7.
  • B2B card solutions: We expanded our B2B payment solution utilizing virtual card accounts cards into the Asia Pacific region. Today, clients can enjoy the working capital benefits of the solution in 27 countries across Asia Pacific, EMEA, Latin America and North America.
  • Chip and PIN: In April, the company announced the expansion of chip and PIN technology to all Purchasing and Travel credit card products available to clients in the United States. The bank has been a leader in chip and PIN technology, having been the first issuer to offer the enhanced security to U.S. travelers, enabling them to make successful transactions at overseas merchants and un-manned terminals.
  • Mobile solutions: We launched a mobile application of Global Reporting and Account Management, the expense reporting solution for card programs. Executives who are on the go can now leverage the tool’s capabilities to help control spending, optimize profits and facilitate compliance with their own travel policies.

“Improved transparency and tighter control over expenses continue to be hot topics for organizations of all sizes in every region around the world,” said Percy Batliwalla, head of Sales for GTS. “As card programs grow in efficacy and sophistication, they are becoming an increasingly powerful tool for treasury departments – providing them the granular information they need to better manage and forecast their finances.”

Visit the Bank of America Merrill Lynch website for further information about the bank’s Card and Comprehensive Payables Solutions.

Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small businesses, 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 4,900 retail banking offices and approximately 15,700 ATMs and award-winning online banking with 31 million active users and more than 16 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 more than 40 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 and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. 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 o May Lose Value o Are Not Bank Guaranteed.

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