Bank of America Merrill Lynch continues to move forward in the development of payment tools for corporate customers. Those using commercial cards for payments will soon have the ability to initiate a “push” or “buyer initiated” payment, authorizing the exact amount of the payment, to the penny, while providing adequate remittance information.
According to Kevin Phelan, head of Commercial Cards and Payments at BAML:
BofA Merrill’s ePayables solution integrates seamlessly with a company’s accounts payable processes with minimal impact on technical resources. In 2011, the bank’s ePayables product achieved a significant milestone when it passed the $10 billion mark in payments processed, firmly establishing BofAML as one of the leading providers of automated payment solutions.
Many large corporations have not yet adopted card-enabled payments to the extent that card issuers might have hoped, but Bank of America’s delivery of the ePayables functions is an important step forward.
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