January 22, 2018
Providing Additional Flexibility and Control for Both Buyers and Suppliers Using API
NEW YORK CITY – Bank of America Merrill Lynch (BofA Merrill) has launched an enhanced virtual card capability that uses application programming interface (API) to enable commercial purchasing clients to connect directly to the bank’s virtual card system. This streamlined and dynamic virtual card solution, known as BofA Merrill Virtual Payables, also leverages new capabilities to create single-use account numbers in real time.
Using API, a purchasing client can also initiate payments via batch file delivery from its accounts payable/enterprise resource planning system or via the user interface.
“We are excited to present to our clients, and the market, continued enhancements and innovations with our card payment methods,” said Hubert J.P. Jolly, global head of financing and channels for Global Transaction Services (GTS) at BofA Merrill. “We are proud to be the first issuer in North America to generate single-use virtual card accounts directly from our processor, resulting in the ultimate combination of flexibility and control.”
The enhanced Virtual Payables streamlines the payment process for both buyers and their suppliers. Each transaction has a unique card account number tied to it, improving reconciliation for both parties. For suppliers, there’s no need to store a card number on file as all card account information and payment details are provided via email and secure URL. The enhanced capability also benefits clients who want to integrate a virtual card solution into their travel booking process.
While Virtual Payables is offered globally, these specific enhancements are currently available for the North America market only.
“Our North American marketplace is mature, yet benefits from continued product innovation,” said Jennifer Petty, global head of Card and Comprehensive Payables for BofA Merrill GTS. “This improved Virtual Payables offering will greatly benefit our clients, their suppliers and the market. We will look to bring enhanced capabilities throughout our global footprint as the market evolves.”
In addition to continued technology innovation, the enhanced Virtual Payables offering includes robust supplier enablement support services for buying clients. For the life of a program, BofA Merrill’s supplier enablement experts work to maximize card adoption and retain suppliers on Virtual Payables.
The Virtual Payables solution is easily bundled with an ACH network solution, Paymode-X Connect. This combined service, referred to as Comprehensive Payables, typically can automate 60-65 percent of an organization’s non-payroll accounts payable check payments.
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 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 35 million active users, including approximately 24 million mobile users. Bank of America is a global leader in wealth management, 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.
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