BOA Commercial Card Clients Get Digital Assist(ant)

Bank of America Merrill Lynch announced news on Wednesday (Nov. 15) of the launch of Card Assistant — a digital tool which provides business banking clients with easy access to information on industry and product updates.

In a press release, Bank of America (BoA) said Card Assistant is for program administrators who need information on the industry or business credit card updates but don’t have the time to search for it. Card Assistant provides webcasts, fraud prevention tips, case studies and reference information all in one place.

The launch of Card Assistant comes on the heels of BoA launching CashPro Assistant, another tool geared toward business credit card clients.

“Our clients tell us that speed and efficiency are at the top of their list when it comes to managing card programs,” said Hubert J.P. Jolly, global head of Financing and Channels for Global Transaction Services at BofA Merrill Lynch. “Card Assistant makes it as easy as possible for our clients to access the information and training they need, whenever and wherever they need it.”

The bank stated that one of the central components of its website is Card Education, which hosts short video tutorials on common credit card platform features. “We will continue to enhance our suite of commercial card capabilities to make it as easy as possible for clients to do business quickly and efficiently,” Jolly added. “Card Assistant is foundational to our strategy to be the focal point to assist and advise our clients as they navigate the increasingly complex global card program landscape.”

The move comes as Bank of America teams up with its rivals to create a new business to vet FinTech partners. According to a Tuesday (Nov. 14) report in Bloomberg, the collaboration, dubbed TruSight, will be up and running in the first quarter of 2018. TruSight includes American Express, JPMorgan Chase and Wells Fargo as founders, according to Abel Clark, TruSight’s chief executive officer. The venture will help the banks reduce the risks that come from collaborating with suppliers and partners.

“The cost of third-party risk management has risen sharply,’’ said Clark in the Bloomberg interview. “There really is a critical need to transform the risk and effectiveness of third-party risk management.”