Bank of America (BofA) Merrill Lynch has introduced a new mobile application to offer a transparent experience to reloadable commercial prepaid cardholders.
The new proposition targets cardholders receiving reloadable prepaid cards from employers, government agencies, or other entities with which they conduct business.
Cardholders can use the new app to check their balances, lock/unlock card in case of loss or theft, and receive email and text notifications on low card balance, deposits and changes to personal details.
The app also provides instant access to pending as well as posted transactions, along with an interactive map to locate a nearby ATM.
Customers using biometric-enabled devices will be able to leverage the app to choose touch or facial recognition as their device authentication approach, instead of password input.
BofA Merrill Lynch head of financing and channels for global transaction services Hubert Jolly said: “Prepaid card programmes can deliver considerable benefits to companies and government agencies of all sizes. With the mobile app, we’re excited to bring a new level of convenience and transparency to our clients’ prepaid cardholders.
“While cardholders can already access their account information either online or via customer service phone number, the mobile app makes it even easier for them to manage their financial transactions, which they can now do regardless of their physical location.”