BofA Merrill Achieves Top Placements in Nilson Rankings For Commercial Card
August 03 2015 - 11:00AM
Business Wire
Ranked No. 1 in Purchasing Card Volume
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 CardBank 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 AmericaBank 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,
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America offers industry-leading support to approximately 3 million
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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
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version on businesswire.com: http://www.businesswire.com/news/home/20150803005814/en/
Reporters May Contact:Louise Hennessy, Bank of America Merrill
Lynch, 1.415.913.3641louise.hennessy@bankofamerica.com
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