Electronic Payment Solution Processes $6 Billion
Charlotte, NC, United States (AHN) – Bank of America Merrill Lynch says its ePayables solution continues to post significant growth, with a compound annual growth rate of 43 percent over the last two years. More than $6.1 billion in payments were processed using ePayables in 2009. Since ePayables was first offered five years ago, payments processed through the card solution have grown significantly across all markets and segments, the firm noted.
With more than 700 clients making payments to more than 52,000 vendors, ePayables leverages the bank’s patented Active Card Control technology allowing clients to manage available funds in real-time, thus reducing risk and increasing control.
“Bank of America was one of first providers of ePayables and we have worked hard to become a trusted provider for our clients by helping them optimize their working capital, increase visibility into their cash flow and eliminate inefficiencies associated with paper,” Kevin Phalen, head of BofA Merrill’s Commercial Card, said in a statement.
By shifting from paper to electronic payments and consolidating payments, companies can see significant gains in liquidity and increase their working capital.
“Our proven solution which can be implemented by itself or as part of a comprehensive payments solution provides clients with working capital they need for their businesses to succeed,” Phalen said.
One of the world’s largest financial institutions, BofA Merrill provides an ePayables solution that integrates seamlessly with clients’ accounts payable processes with minimal impact on technical resources.
Recent enhancements to ePayables included expanding the enrollment efforts to a larger pool of vendors which enables clients to maximize check to card conversion.
As part of its ongoing commitment to being a leader in electronic payments, BofA Merrill also continues to provide enhanced straight-through processing capabilities with new enhancements to be installed early next year.
The huge revenues resulting from electronic payment solution demonstrated clients confidence placed in BofA Merrill as a provider of end-to-end payments services.
View full post on Economy, Business And Finance Stories
