The Nilson Report has declared the year’s market leader in corporate cards. Reports published Monday (Aug. 3) revealed that Bank of America Merrill Lynch has claimed the top spot in purchasing card volume this year, with top rankings in other commercial card categories as well.
According to analysts, BoA Merrill Lynch saw a 13 percent growth in its p-card volume year-over-year, while the institution saw an 18 percent year-over-year growth in its corporate card volume, and a 2 percent year-over-year volume growth in prepaid cards. The company earned the third spot and fifth spot in corporate cards and prepaid cards, respectively.
The results were published in the June 2015 Nilson Report.
“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 onboarding through the life of their programs,” said BoA Merrill Lynch’s head of Global Card and Comprehensive Payables, Kevin Phalen, in a statement. “Over the last five years, we’ve made considerable investments into our platform, extending our capabilities in response to the demands of our clients.”
Nilson highlighted several enhancements to BoA Merrill’s corporate card programs. Among them are a new, Web-based reporting tool for its prepaid cards, and the expansion of its purchasing and ePayables solutions to 31 countries around the globe. The company also launched a travel and expense management card product in Turkey and South Africa, as well as the Travel Pro expense management service across Europe.
Looking ahead, the company will likely bring that T&E program to other markets, reports said.
As businesses begin to migrate to electronic payments, invoicing and procurement methods, analysts predict a continuing upswing in commercial card use and volume. Research published last year found a 13 percent growth in commercial payment card volume, and experts forecast that volume to continue expanding by 13 percent for the next couple years. By those estimates, the market would see $1.79 trillion in commercial card payments in 2015 alone.