NEW YORK--(BUSINESS WIRE)--
Bank of America Merrill Lynch, a leader in transaction services, announced that its proprietary electronic accounts payables solution, ePayables, has surpassed 100,000 enrolled suppliers. Two years ago, the number of suppliers was 56,000. The 100 percent increase illustrates the growing demand from both buyers and sellers for alternatives to paper checks, as well as improved convenience for processing payments via a virtual card solution.
“Supplier acceptance is critical to the success of a virtual card program. We’re very pleased that in just two years, supplier enrollments for ePayables have doubled,” said Kevin Phalen, head of Global Commercial Card and Comprehensive Payables. “It’s a sign of the growing importance that clients place in an electronic solution for their accounts payable, as well as a reflection of the effectiveness of our virtual card product.”
ePayables is delivered through the bank’s proprietary card management platform, Works®.
Key to the success of supplier enrollment is the direct support that the company provides to clients that wish to set up a virtual card program. Dedicated ePayables vendor enrollment specialists work with clients to design and execute their supplier enrollment strategy. After launching the programs, the specialists continue to work with the client to conduct ongoing enrollment campaigns to help ensure their programs are optimized. Additionally, the bank provides educational resources to both the virtual card client and to suppliers on the value of card acceptance and benefits of a virtual card payment solution.
Importantly, Bank of America Merrill Lynch’s ePayables solution integrates seamlessly with a client’s accounts payable processes, meaning the program has little impact on a company’s technical resources, and can further streamline the overall procure to pay process.
Bank of America Merrill Lynch introduced its ePayables solution in 2005, the first bank to do so. Since then, the company has invested heavily in the Works platform to help ensure it meets the functionality and usability requirements demanded by clients. For example, new functionality introduced in recent years includes Exact Auth Override and Push Payments. In 2014, the ePayables program is forecasted to process over 2.5 million transactions, or the equivalent of $15 billion in volume.
Bank of America Merrill Lynch offers alternative virtual card solutions across the world. Details of the offerings vary according to client requirements for each region as well as local regulations.
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 50 million consumer and small business relationships with approximately 5,100 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users and more than 14 million mobile 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 asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 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 America Corporation stock (BAC) 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 and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.
Copyright 2014 Bank of America Corporation. All rights reserved. Bank of America, Merrill Lynch, Broadcort and their logos are trademarks of Bank of America Corporation and/or its affiliates.
Visit the Bank of America newsroom for more Bank of America news.
- Banking & Budgeting
- Bank of America Merrill Lynch
- Merrill Lynch
- Bank of America
Louise Hennessy, Bank of America Merrill Lynch, 1.646.855.1403