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.”