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January 22, 2018

BofA Merrill Lynch expands its virtual card capability

By Patrick Brusnahan

Bank of America Merrill Lynch (BofA Merrill) has revealed its enhanced virtual card capability that uses an API.

The API (application programming interface) enables commercial purchasing clients to connect directly to the bank’s virtual card system.

Named BofA Merrill Virtual Payables, it also adds the capability to create single-use account numbers in real time.

Utilising the API, a purchasing client can also initiate payments via batch file delivery from its planning system or via the user interface.

Hubert J.P. Jolly, global head of financial and channels for Global Transaction Services, said: “We are excited to present to our clients, and the market, continued enhancements and innovations with our card payment methods.

“We are proud to be the first issuer in North America to generate single-use virtual card accounts directly from our processor, resulting in the ultimate combination of flexibility and control.”

Virtual Payables is offered worldwide, but this new feature in only available in North America.

Jennifer Petty, global head of card and comprehensive payables for BofA Merrill, said: “Our North American marketplace is mature, yet benefits from continued product innovation. This improve Virtual Payables offering will greatly benefit our clients, their suppliers and the market. We will look to bring enhanced capabilities throughout our global footprint as the market evolves.”

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