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BofA Merrill Launches Online PIN Check; Innovative Technology Available to Large Corporate Clients

Company Expands Rollout of Chip and PIN to Canada

Tuesday, October 16, 2012 9:00 am EDT

Dateline:

NEW YORK

Public Company Information:

NYSE:
BAC
"The global card market continues to evolve towards a wholesale adoption of Chip and PIN technology, and Bank of America Merrill Lynch is pleased to offer the solution to its clients"

Bank of America Merrill Lynch, a leading provider of transaction services, today announced an enhancement to its Commercial Card offering with the launch of online PIN Check. Online PIN Check allows Chip and PIN cardholders the convenience of viewing their PIN in a secure environment. The innovation follows the company’s successful rollout of Chip and PIN cards to large corporate clients in the United States and Europe over the last few years. Next month, BofA Merrill will be expanding its offering of Chip and PIN to corporate clients in Canada.

“The global card market continues to evolve towards a wholesale adoption of Chip and PIN technology, and Bank of America Merrill Lynch is pleased to offer the solution to its clients,” said Kevin Phalen, head of Global Card and Comprehensive Payables.

Online PIN Check was developed in response to feedback from clients who were looking for a quicker, more convenient way of verifying their personal identification number. “Our priority was to create a tool that would give clients peace of mind – both in terms of knowing their information was easily accessible, and most importantly, that it would be protected. The industry-leading solution of online PIN Check, which will substantially improve cardholders’ ability to use their cards, underscores our commitment to the product,” added Phalen.

Online PIN Check allows cardholders to access their PIN in a simple and secure environment at any time of the day from any secure internet point. The secure website requires users to be registered and to login with a password. The convenience of the website is particularly significant for business travelers who often do not have the luxury of waiting a number of days to receive a PIN confirmation through the more common channel of regular mail. The site is currently available in English and will be offered in French, German, Italian, and Spanish by year’s end.

The online PIN Check website is currently available to the company’s Chip and PIN cardholders in the United States and Europe, and will be available to Canadian clients next month following the rollout of Chip and PIN in that market. Clients in Canada will join other Chip and PIN cardholders in being able to take advantage of the many benefits of Chip and PIN cards including:

  • Ability to use the cards at all Canadian Chip enabled merchants, as well as those that only accept magstripe cards.
  • Ability to use the cards at unmanned terminals such as transit ticket booths, gas stations and parking garages.
  • Reducing transaction time by eliminating the need to sign a ticket to verify a transaction
  • Improving security over magstripe cards by uniquely encoding transactional information each time the card is used.

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 30 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 56 million consumer and small business relationships with approximately 5,600 retail banking offices and approximately 16,200 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.

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Contact:

Reporters May Contact:
Louise Hennessy, Bank of America Merrill Lynch, 1.646.858.1403
louise.hennessy@bankofamerica.com