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Bank of America Merrill Lynch Continues Rise in Commercial Card Rankings

Places No. 1 in Purchasing Card, No. 2 in Corporate Card in Annual Nilson Report

Tuesday, July 19, 2016 9:00 am EDT

Dateline:

New York
"We believe these results reflect our clients’ satisfaction with the investments we’re making in delivering a broad range of solutions."

Bank of America Merrill Lynch’s commercial card payment solutions have gained in importance to the firm’s clients, as reflected in transaction volume rankings for calendar year 2015 that were recently published in the Nilson Report, which covers card payment systems worldwide.

BofA Merrill continues to be the No. 1 provider of purchasing card solutions, which includes physical purchasing cards along with related virtual card solutions. The firm improved from No. 3 to No. 2 in corporate cards and from No. 5 to No. 4 in commercial prepaid. BofA Merrill is the only global bank that retained or improved its ranking in all three Nilson categories.

“We are once again very pleased with these results as our clients continue to expand their global business-to-business payments programs with us,” said Kevin Phalen, head of Card and Comprehensive Payables in Global Transaction Services for BofA Merrill. “We believe these results reflect our clients’ satisfaction with the investments we’re making in delivering a broad range of solutions.”

Recent enhancements to BofA Merrill’s card capabilities include:

  • Expansion of mobile alert messaging.

  • Enhanced fraud detection.

  • Expanded prepaid web services.

  • Launch of travel and entertainment cards into the United Arab Emirates.


"Our investments in card products are driven by feedback from clients, and their input has led to our continued expansion of integrated payment solutions around the world,” Phalen said. “We are proud to be one of the few providers who have stayed resolutely committed to the commercial card and prepaid business.”

Separately, BofA Merrill won the Gold award for Innovation at the 2016 Innovation Summit held by Payments.com in recognition of the success of its Travel Pro solution launched in Europe last year.

 

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 Transaction Services 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 40 million credit card merchants and ATMs.

For more information regarding BofA Merrill’s card solutions, please visit http://www.bofaml.com/en-us/content/card-solutions.html.


Bank of America
Bank of America is one of the world's leading 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 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active accounts and more than 20 million mobile active users. Bank of America is a global leader in wealth management, 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 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) 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 and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates:  Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

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Reporters May Contact:
Will Wilson, Bank of America Merrill Lynch, 1.980.388.3360
will.wilson@bankofamerica.com