Treasury Management Internation Logo

Bank of America Merrill Lynch processes $56 Billion in commercial card volume, solidifies industry ranking

Published 
  • Client Purchases Grow 9.2 Percent in Three Key Annual Categories in The Nilson Report

NEW YORK – Once again, Bank of America Merrill Lynch (BofA Merrill) saw its commercial card business reach a new benchmark, according to the annual ranking of U.S. purchase volume for the 2016 calendar year recently published in The Nilson Report, a card payments industry publication.

BofA Merrill processed $56.3 billion in U.S. purchases in 2016 across three categories – purchasing cards, corporate cards and prepaid cards, a 9.2 percent increase over 2015. This total enabled BofA Merrill to maintain its No. 1 ranking in the combined categories.

“These are impressive results that reflect the continued trust that companies have in BofA Merrill’s commercial card platform,” said Hubert J. P. Jolly, who recently joined BofA Merrill in Global Transaction Services (GTS) as global head of Financing and Channels, which includes the Commercial Cards business. “We will continue to strive for quality service and enhancements that will keep them using our card and comprehensive payment offerings to meet their needs for efficient, convenient and safe purchase processes.”

In addition to the increase in commercial card usage overall, BofA Merrill client purchase volume increased in each of the three component categories:

  Purchase volume (billions) Change from prior year Rank
Purchasing cards $41.2 + 8.5% 1
Corporate cards $7.8 + 15.5% 2
Prepaid cards $7.2 + 6.5% 4

Purchasing cards includes physical cards plus related virtual cards.
Corporate cards are primarily for travel and entertainment.

“The enhancements we’ve made in our capabilities over the past year have fueled much of the program growth that our clients have experienced,” said Jennifer Petty, head of Global Card and Comprehensive Payables in GTS at BofA Merrill. “Having open lines of communication with our clients is critical to supporting their businesses. As our clients’ needs evolved, we delivered mobile capabilities including alerts, global footprint expansion, integration with large online marketplace suppliers, and enhanced payables solutions.”

Most recent episodes

Trends in RFPs and RFIs: What Treasurers Want

Eleanor Hill (TMI) invites Dick Oskam and Bert Van Drie (ING) into the TreasuryCast hotseat to find out what trends treasurers want to see emerge from the Request for Proposal (RFP) and Request for Information (RFI)...

33:16

Creating a Connected Financial Office

When data flows are connected, it’s so much easier to make quick and accurate decisions. This is the principle behind the notion of the connected financial office. In this podcast, Gareth Priest (Bottomline Technologies) provides informed advice on how...

18:34

Journeys to Treasury: Managing Changing Perspectives

For this special edition of TreasuryCast, we showcase the results of the Journeys to Treasury 2021-22 report. Here, Jan Dirk van Beusekom (BNP Paribas) and Christian Mnich (SAP) offer Eleanor Hill (TMI) an informed view...

33:03

Cybersecurity for Treasurers

Cybercrime and fraud is on the rise and new attack vectors are emerging with alarming frequency. In this podcast, Nicolas Trimbour (BNP Paribas) and Laurent Sarrat (Sis ID) provide an overview of the latest tools and best practices treasurers should be employing...

37:53

A New Treasury Ecosystem: Open Banking, APIs, and BaaS

For this special edition of TreasuryCast, Eleanor Hill invites Peter Claus-Landi (GE) and Jared Smith (HSBC) to cover how key API-centric developments are changing the treasury landscape. With APIs significantly...

18:02

Using Data as the Corner for Finance Transformation

Many organisations face challenges in managing spend, payments, and cash effectively due to siloed processes and datasets across multiple departments. In this podcast, Ulrika Haug (Coupa) and Kim Estes (The Knot...

29:20

Realising Treasury’s True Value – A Strategy for Change

Join John Meehan (Froneri) to hear how Froneri utilised a year of no acquisitions and no meetings to implement a total transformation project through implementation of a TMS, unlocking the true value of his corporate...

49:14

Lessons from Innospec on Building a Strong Cash Culture

Without ready access to the key metrics of cash forecasting, Andrew Hawes (Innospec) knew the business could do little more than react to events. But without the collaboration of key stakeholders too, he knew that...

35:08

How to Make Your TMS the Ultimate Investment Tool

The right TMS can be a huge asset to treasury. But these one-stop shops often fall short when it comes to short term investment workflows. In this podcast, Ed Lopez, James Griffin (Calastone), Jeannot Jonas (Carrier...

01:24:00