New European unit in conjunction with Bank of America Merrill Lynch will provide global clients simplified cross-border merchant services
Banc of America Merchant Services, LLC, a leading electronic payments processor in the United States, announced today its expansion to Europe and creation of a new London-headquartered unit, BofA Merrill Lynch Merchant Services (Europe) Limited (BofAML Merchant Services).
BofAML Merchant Services will facilitate e-commerce, card-present and card-not-present transactions for clients looking for international payment services, in conjunction with existing services offered through BofAML’s transaction banking platform.
“Bank of America Merchant Services’ largest clients have complex global payments needs, and our presence in Europe will enable them to work with a consistent platform and team to help simplify their experience,” said Tim Tynan, chief executive of Bank of America Merchant Services. “We are excited about this opportunity to provide multi-national clients our capabilities in Europe.”
BofAML Merchant Services is managed by Michael Reed, who serves as Executive Vice President and Segment Manager and is based in London. Reed has more than two decades of experience in the payments industry, including previous roles as Bank of America Merchant Services’ Chief Operating Officer and general manager for the organization’s large client sales group.
This new European unit currently supports online transactions, covering 130-plus currencies and leveraging security features such as Address Verification and 3D Secure to help provide peace of mind for consumers and minimize fraud for businesses. It also leverages the strength of BofAML to help large enterprises with their complex cash flows. In working with clients, BofAML Merchant Services aims to reduce receivables, improve liquidity and streamline payments between countries and regions.
“Our clients have been requesting the same value and service they get in the United States,” said Reed. “We want to deliver custom solutions for our cross-border clients that meet their complex needs.”
Matthew Davies, co-head of Product Management for Global Transaction Services (GTS) EMEA at Bank of America Merrill Lynch said, “The launch of BofAML Merchant Services in Europe provides a great opportunity to further support our global client base, by offering enhanced expertise in electronic payments in addition to our existing range of transaction banking services offered through our GTS platform.”