BofA Merrill’s ePayables Solution Surpasses 100,000 Suppliers
April 08 2014 - 9:00AM
Business Wire
Virtual Card Solution Promotes Efficiency and
Cost Savings for Corporate Clients
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.
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Reporters May Contact:Louise Hennessy, Bank of America Merrill
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