Bank of America Merrill Lynch has added some significant new global features for its B2B cards, including expanded country footprints (adding Guatemala and Turkey), real-time account management and integrated global data consolidation in Hong Kong and India, additional B2B payment options in 27 more countries across Asia Pacific, EMEA, Latin America and North America, better mobile integration with travel policies and better EMV support.
“Improved transparency and tighter control over expenses continue to be hot topics for organizations of all sizes in every region around the world,” said Percy Batliwalla, head of Sales for GTS. “As card programs grow in efficacy and sophistication, they are becoming an increasingly powerful tool for treasury departments – providing them the granular information they need to better manage and forecast their finances.”
Added Kevin Phalen, head of Global Card and Comprehensive Payables in Global Transaction Services (GTS): “Everything we’ve done over the last year to enhance our global card programs has been in direct response to client demand. The feedback we receive from clients at our proprietary conferences and day-to-day interactions is critical to designing our investment plans and determining how and where to expand our geographic footprint. We look forward to growing our business with new and existing clients in 2015 and beyond.”
- Investments in servicing: For clients’ corporate travelers, BofA said that it will continue to invest in phone and mobile based approaches. The enhanced functionality allows users to access data and live support via their preferred channel anywhere around the globe, 24×7.
- Chip and PIN: In April, the company announced the expansion of chip and PIN technology to all Purchasing and Travel credit card products available to clients in the United States. “The bank has been a leader in chip and PIN technology, having been the first issuer to offer the enhanced security to U.S. travelers, enabling them to make successful transactions at overseas merchants and un-manned terminals,” BofA said.
- Mobile:“We launched a mobile application of Global Reporting and Account Management, the expense reporting solution for card programs. Executives who are on the go can now leverage the tool’s capabilities to help control spending, optimize profits and facilitate compliance with their own travel policies,” BofA said.