Bank of America Merrill Lynch announced news on Monday (Jan. 22) of the launch of BofA Merrill Virtual Payables, which enables commercial purchasing customers to connect with the bank’s virtual card system.
In a press release, Bank of America said the new service also enables clients to create single-use account numbers in real time.
“We are excited to present to our clients, and the market, continued enhancements and innovations with our card payment methods,” said Hubert J.P. Jolly, global head of Financing and Channels for Global Transaction Services (GTS) at BofA Merrill, in the press release. “We are proud to be the first issuer in North America to generate single-use virtual card accounts directly from our processor, resulting in the ultimate combination of flexibility and control.”
The new service relies on an application program interface, or API, that enables purchasing customers to initiate payments via batch file delivery from its accounts payable and/or enterprise resource planning (ERP) system, Bank of America said in the press release. The service is aimed at streamlining the payment process for buyers and the suppliers with which they work. For suppliers, the bank said they no longer have to store a credit card number on file, since all of the card account information and payment information is given via email and a secure website. It can also help companies that want a virtual card service for booking travel, Bank of America noted.
“Our North American marketplace is mature, yet benefits from continued product innovation,” said Jennifer Petty, global head of Card and Comprehensive Payables for BofA Merrill GTS, in the same press release. “This improved Virtual Payables offering will greatly benefit our clients, their suppliers and the market. We will look to bring enhanced capabilities throughout our global footprint as the market evolves.”