Bank of America Merrill Lynch, a leading provider of transaction services, announced that its card solutions are now available in Argentina, the Czech Republic, Finland and Poland, as well as the Scandinavian countries of Denmark, Norway and Sweden. In addition, the company announced plans to make available Single Euro Payments Area (SEPA) Direct Debits.
The addition of the seven countries reaffirms the company’s position as a leading provider of card solutions to large and middle-market companies and government entities around the world. By the end of 2012, BofA Merrill’s global card offering will be available in more than 70 countries*.
Under SEPA, the eurozonewide payment program initiative, all existing, country-specific local payment instruments will be replaced by 2014. Through investment in SEPA Direct Debits technology, BofA Merrill will enable commercial card clients to benefit from the operational simplification and cost savings created by the harmonization of multiple instruments and reduced number of paper mandates that need to be managed for cardholders.
“As more companies seek growth internationally, they are realizing the inherent advantages – such as transparency and risk controls – that card programs bring to managing cross-border payments,” said Kevin Phalen, head of Global Card and Comprehensive Payables at BofA Merrill. “Our new country capabilities underscore the company’s commitment to provide global card solutions for its clients. We are continually investing in our programs to ensure our products directly match the needs of our clients.”
“SEPA Direct Debits is another example of our continued investment in our Commercial Card capabilities,” said Duncan Kennett, director, EMEA Commercial Card at BofA Merrill. “We took the step of investing in this technology as early as possible so that we could help our clients get a head start in the SEPA conversion process. The early adoption will help them avoid future disruptions and more quickly realize the benefits of SEPA.”
BofA Merrill’s Commercial Card and Comprehensive Payables group, which is part of the Global Transaction Services business, develops strategies and solutions that are closely aligned to the treasury goals of corporate, commercial and government entities.
Added Phalen: “Investment in our own capabilities has facilitated seamless interaction between our Card specialists and our treasury and cash management advisors. We believe this combined proposition which integrates the expertise of both business areas makes us well positioned to advise our clients and offer tailored products that address the specific working capital needs facing companies and government agencies.”
* Some of Bank of America Merrill Lynch’s solutions, including those offered in Argentina, are offered through local issuing banks.
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 Treasury Solutions 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 32 million credit card merchants and ATMs.
In 2011, the bank added new card solutions in 18 countries, and by the end of 2012, it plans to offer card solutions in more than 70 countries and 29 currencies.
For more information regarding BofA Merrill’s card solutions, please visit http://corp.bankofamerica.com/business/ci/card-solutions.
Bank of America
Bank of America is one of the world’s largest 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 56 million consumer and small business relationships with approximately 5,600 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active 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 4 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 a component of the Dow Jones Industrial Average and 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 a member of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.