Bank of America Merrill Lynch has announced the launch of a mobile application for cardholders of commercial prepaid cards.
Designed for cardholders who receive a reloadable prepaid card from an employer, government agency or entity with whom they do business, the app brings new digital capabilities to clients, as well as to those companies’ customers or beneficiaries.
“Prepaid card programs can deliver considerable benefits to companies and government agencies of all sizes. In replacing checks, prepaid cards can help organizations simplify compliance, eliminate manual work, lower expenses, and reduce risks,” Hubert J.P. Jolly, head of financing and channels for Global Transaction Services at BofA Merrill, said in a press release. “With the mobile app, we’re excited to bring a new level of convenience and transparency to our clients’ prepaid cardholders.”
The key features of the mobile app include the ability to check balances while on the go; have instant access to pending and posted transactions; access an interactive map that makes it easy to find a nearby ATM; the ability to place a lock on their card in the event that it is lost or stolen; and managing and receiving email and text alerts to be notified when card balances are low, when deposits are received, and when their personal information changes.
In addition, users with biometric-enabled devices can utilize touch or facial recognition to authenticate their device, replacing the need to input a password every time they use the app.
“While cardholders can already access their account information either online or via customer service phone number, the mobile app makes it even easier for them to manage their financial transactions, which they can now do regardless of their physical location,” added Jolly.