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TheStreet Open House

BofA Merrill Commercial Card Conference Promotes Innovation In Payments; New Products And Global Footprint Highlighted

Stocks in this article: BAC

Last week in San Francisco, Bank of America Merrill Lynch gathered together more than 180 client company representatives from around the world to discuss the evolving trends, innovations and developments in commercial payment solutions for Cards. Under the theme of “Plastics and Beyond: Exploring New Ways to Pay,” the conference drove a debate on the technology-driven change in global payments. Speakers included payments industry specialists, company leaders who have successfully transformed their payments processes, and BofA Merrill’s own experts.

The three-day program offered attendees information on crucial topics, including how a company’s shift toward a fully automated electronic environment translates in the real world, and what companies could expect in terms of internal and external obstacles and benefits when moving payments toward an enterprise wide electronic culture.

Speakers also addressed the impacts of the economic and business environment on the payments industry across the globe, and how emerging technologies are changing the payments landscape. Some of the industry experts who presented at the conference included Wayne Best, chief economist, Visa, Inc., and Ian Bremmer, president, Eurasia Group.

During the conference, BofA Merrill announced enhancements to its card platform, and discussed how its innovative programs can help companies achieve electronic payment migration on a global scale. Among the products and capabilities discussed were:

  • Chip and PIN – the new, more secure card technology offered to companies with employees travelling outside the U.S.
  • Works ®  – BofA Merrill’s proprietary card management software that has been enhanced with new functionality that aids reconciliation and improves the user experience.
  • Global Footprint – BofA Merrill’s global card offering will be available in more than 70 countries by the end of 2012. The company recently announced plans to offer card solutions in new geographies in Asia, Europe and Latin America, including, Japan, Austria, Denmark, Norway, Portugal, Sweden and Colombia.

“BofA Merrill’s conference provides an excellent venue for clients to meet with their peers and discuss the latest trends, challenges and breakthroughs in the card and Payables industry,” said Kevin Phalen, head of Global Card and Comprehensive Payables. “We are very proud to be moderating this important dialogue, which will ultimately benefit companies everywhere as they increasingly migrate to a global electronic payments environment.”

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