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.