Bank of America Merrill Lynch, a leading provider of transaction
services, today announced that its card solutions are now available in
Argentina, the Czech Republic, Finland and Poland, as well as the
Scandinavian countries of Denmark, Norway and Sweden. In addition, the
company announced plans to make available Single Euro Payments Area
(SEPA) Direct Debits.
The addition of the seven countries reaffirms the company’s position as
a leading provider of card solutions to large and middle-market
companies and government entities around the world. By the end of 2012,
BofA Merrill’s global card offering will be available in more than 70
Under SEPA, the eurozonewide payment program initiative, all existing,
country-specific local payment instruments will be replaced by 2014.
Through investment in SEPA Direct Debits technology, BofA Merrill will
enable commercial card clients to benefit from the operational
simplification and cost savings created by the harmonization of multiple
instruments and reduced number of paper mandates that need to be managed
“As more companies seek growth internationally, they are realizing the
inherent advantages – such as transparency and risk controls – that card
programs bring to managing cross-border payments,” said Kevin Phalen,
head of Global Card and Comprehensive Payables at BofA Merrill. “Our new
country capabilities underscore the company’s commitment to provide
global card solutions for its clients. We are continually investing in
our programs to ensure our products directly match the needs of our
“SEPA Direct Debits is another example of our continued investment in
our Commercial Card capabilities,” said Duncan Kennett, director, EMEA
Commercial Card at BofA Merrill. “We took the step of investing in this
technology as early as possible so that we could help our clients get a
head start in the SEPA conversion process. The early adoption will help
them avoid future disruptions and more quickly realize the benefits of
BofA Merrill’s Commercial Card and Comprehensive Payables group, which
is part of the Global Transaction Services business, develops strategies
and solutions that are closely aligned to the treasury goals of
corporate, commercial and government entities.
Added Phalen: “Investment in our own capabilities has facilitated
seamless interaction between our Card specialists and our treasury and
cash management advisors. We believe this combined proposition which
integrates the expertise of both business areas makes us well positioned
to advise our clients and offer tailored products that address the
specific working capital needs facing companies and government agencies.“
* Some of Bank of America Merrill Lynch’s solutions, including those
offered in Argentina, are offered through local issuing banks.
About Bank of America Merrill Lynch Commercial Card
Bank of America
Merrill Lynch is a leading provider of card solutions to large and
middle market companies, globally, and to federal, state and local
government entities in the United States. BofA Merrill’s Commercial Card
group works with these organizations to design integrated ePayments
solutions that help unlock working capital while increasing efficiency,
visibility and control.
As part of the Global Treasury Solutions business, BofA Merrill’s
Commercial Card and Comprehensive Payables group develops strategies and
solutions that are closely aligned to the treasury goals of corporate,
commercial and government entities.
BofA Merrill cardholders can be served in numerous languages and have
access to a worldwide network of more than 32 million credit card
merchants and ATMs.
In 2011, the bank added new card solutions in 18 countries, and by the
end of 2012, it plans to offer card solutions in more than 70 countries
and 29 currencies.
For more information regarding BofA Merrill’s card solutions, please
Bank of America
Bank of America is one of the world's largest
financial institutions, serving individual consumers, small- and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 56 million
consumer and small business relationships with approximately 5,600
retail banking offices and approximately 16,200 ATMs and award-winning
online banking with 30 million active users. Bank of America is among
the world's leading wealth management companies and is a global leader
in corporate and investment banking and trading across a broad range of
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individuals around the world. Bank of America offers industry-leading
support to approximately 4 million small business owners through a suite
of innovative, easy-to-use online products and services. The company
serves clients through operations in more than 40 countries. Bank of
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Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global
banking and global markets businesses of Bank of America Corporation.
Lending, derivatives, and other commercial banking activities are
performed globally by banking affiliates of Bank of America Corporation,
including Bank of America, N.A., member FDIC. Securities, strategic
advisory, and other investment banking activities are performed globally
by investment banking affiliates of Bank of America Corporation
(“Investment Banking Affiliates”), including, in the United States,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a
registered broker-dealer and a member of FINRA and SIPC, and, in other
jurisdictions, locally registered entities. Investment products offered
by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value
* Are Not Bank Guaranteed.
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