Bank Of America Merchant Services Goes Cross-Border

Bank of America Merchant Services has expanded to Europe with the launch of a new unit.

The new unit, called BofA Merrill Lynch Merchant Services (Europe) Limited, was launched with the intention to serve global clients with cross-border merchant services. These services will enable eCommerce, card-present and card-not-present transactions for clients needing international payment services. It will also offer its existing services offered through BofAML’s transaction banking platform.

“Bank of America Merchant Services’ largest clients have complex global payments needs, and our presence in Europe will enable them to work with a consistent platform and team to help simplify their experience,” said Tim Tynan, chief executive of Bank of America Merchant Services. “We are excited about this opportunity to provide multinational clients our capabilities in Europe.”

This service is managed by Michael Reed, who serves as EVP and segment manager and is based in London. Reed’s previous roles were as Bank of America Merchant Services COO and general manager for the organization’s large client sales group.

This new European unit currently supports online transactions, covering 130-plus currencies and leveraging security features, such as Address Verification and 3D Secure, to help provide peace of mind for consumers and minimize fraud for businesses. It also offers services to large enterprises with their complex cash flows. According to the bank, this service aims to “reduce receivables, improve liquidity and streamline payments between countries and regions” for its clients.

“Our clients have been requesting the same value and service they get in the United States,” Reed said. “We want to deliver custom solutions for our cross-border clients that meet their complex needs.”

“The launch of BofAML Merchant Services in Europe provides a great opportunity to further support our global client base, by offering enhanced expertise in electronic payments, in addition to our existing range of transaction banking services offered through our GTS platform,” commented Matthew Davies, co-head of product management for Global Transaction Services (GTS) EMEA at Bank of America Merrill Lynch.