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

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.”

About Bank of America Merrill Lynch Commercial Card

Bank of America Merrill Lynch is a leading provider of card solutions to large and middle market companies, globally, and to federal, state and local government entities in the United States. BofA Merrill’s Commercial Card group works with these organizations to design integrated ePayments solutions that help unlock working capital while increasing efficiency, visibility and control.

As part of the Global Treasury Solutions business, BofA Merrill’s Commercial Card and Comprehensive Payables group develops strategies and solutions that are closely aligned to the treasury goals of corporate, commercial and government entities.

BofA Merrill cardholders can be served in numerous languages and have access to a worldwide network of more than 32 million credit card merchants and ATMs.

In 2011, the bank added new card solutions in 18 countries, and by the end of 2012, it plans to offer card solutions in more than 70 countries and 29 currencies.

For more information regarding BofA Merrill’s card solutions, please visit http://corp.bankofamerica.com/business/ci/card-solutions.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,750 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and a member of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

For more Bank of America news, visit the Bank of America newsroom.

www.bankofamerica.com

Copyright Business Wire 2010

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