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Bank of America Merrill Lynch Expands Commercial Card Capabilities
Adds
Argentina,
Czech
Republic,
Finland,
Poland and
Scandinavia to SEPA Direct Debit Launch
NEW YORK &
LONDON--(BUSINESS
WIRE)--Jul. 26, 2012--
Bank of America Merrill Lynch, a leading
provider of transaction services, today 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.
For more
Bank
of America news, visit the
Bank of America
newsroom.
www.bankofamerica.com
Source:
Bank
of America
Reporters
May Contact:
Jefferson George, Bank of America Merrill Lynch, 1.980.683.4798
jefferson.george@bankofamerica.com
