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.
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