Bank of America Merrill Lynch recently introduced technology that allows purchasing clients to connect directly to the bank’s virtual card system, streamlining the payment process for both buyers and their suppliers.
This virtual card solution, known as BofA Merrill Virtual Payables, uses a capability called application programming interface (API). In addition, through this technology, a purchasing client can initiate payments via batch file delivery from its accounts payable system or via the user interface.
“We are excited to present to our clients, and the market, continued enhancements and innovations with our card payment methods,” Hubert Jolly, global head of financing and channels for Global Transaction Services (GTS) at BofA Merrill, said. “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.”
How it works is each transaction has a unique card account number tied to it, improving reconciliation for both parties. For suppliers, there’s no need to store a card number on file as all information and payment details are provided via email and secure URL. This enhancement is currently available in North America only.
“Our North American marketplace is mature, yet benefits from continued product innovation,” Jennifer Petty, global head of Card and Comprehensive Payables for BofA Merrill GTS, said. “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.”
In addition, BofA Merrill offers support services for clients who use Virtual Payables.