BofA Unveils Virtual Payables Solution to Support the Booming B2B Market
October 2, 2024 at 5:00 AM Eastern
Product Allows Buyers to Make GBP or EUR Payments by Virtual Card to Suppliers That Prefer Bank Transfers
LONDON, ENG – Bank of America, a global leader in commercial cards, has expanded its Virtual Payables capabilities in EMEA[1] with the launch of Virtual Payables Direct. The business-to-business (B2B) payment solution provides buyers with the usual working capital advantages of a card transaction – such as extended payment terms – in addition to a new enhancement that allows suppliers to be paid via a direct bank transfer. This comes at a time when the global B2B payments market is growing rapidly and is projected to reach over US$2.4 trillion by 2031[2].
Virtual payables direct process infographic
Source: Bank of America
Please note: This graphic is a simplified explanataion for informational purposes only
“Virtual Payables Direct offers our clients in EMEA greater flexibility as they can make card payments to any supplier in the region, regardless of whether the supplier typically accepts card payments,” said Chris Jameson, head of Product Management for Global Payments Solutions (GPS) EMEA. “The payments are made much earlier in the procurement cycle, thereby helping to improve important supplier relationships and allowing the buyer to take advantage of any prompt payment discounts.”
A key advantage of Virtual Payables Direct is that it helps businesses manage working capital, one of the top priorities for corporate treasurers[3] which has been brought to the fore over the past year. The solution provides greater flexibility for buyers as it allows for large, one-off or last-minute payments. Suppliers can also receive a fast payment through a bank transfer. These benefits allow all parties to manage their cashflow more effectively and enable greater operational efficiency.
A video message from Chris Jameson
“We’re pleased to expand payment options for our clients with this new capability,” said Duygu Tasdelen-Stavropoulos, Senior Product Manager – B2B and Payables, GPS EMEA. “Virtual Payables Direct will contribute to the considerable benefits of virtual card payments, such as streamlining and automating processes, and reducing payment acceptance complexity, risk and costs.”
The rollout of Virtual Payables Direct in EMEA[1] will continue in 2025, with the addition of product enhancements and expansion to other regions.
Visit the bank’s website for more information about the bank’s Card and Comprehensive Payables solutions.
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 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital 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 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
Megan Pearson, Bank of America
Phone: +44.20.7995.6977
megan.n.pearson@bofa.com
[2] Straits Research, B2B Payments Market Size, Share and Forecast to 2031..
[3] The European Association of Corporate Treasurers (EACT), Journeys To Treasury 2023/24 Report.
October 2, 2024 at 5:00 AM Eastern
BofA Unveils Virtual Payables Solution to Support the Booming B2B Market
Product Allows Buyers to Make GBP or EUR Payments by Virtual Card to Suppliers That Prefer Bank Transfers
LONDON, ENG – Bank of America, a global leader in commercial cards, has expanded its Virtual Payables capabilities in EMEA[1] with the launch of Virtual Payables Direct. The business-to-business (B2B) payment solution provides buyers with the usual working capital advantages of a card transaction – such as extended payment terms – in addition to a new enhancement that allows suppliers to be paid via a direct bank transfer. This comes at a time when the global B2B payments market is growing rapidly and is projected to reach over US$2.4 trillion by 2031[2].
Virtual payables direct process infographic
Source: Bank of America
Please note: This graphic is a simplified explanataion for informational purposes only
“Virtual Payables Direct offers our clients in EMEA greater flexibility as they can make card payments to any supplier in the region, regardless of whether the supplier typically accepts card payments,” said Chris Jameson, head of Product Management for Global Payments Solutions (GPS) EMEA. “The payments are made much earlier in the procurement cycle, thereby helping to improve important supplier relationships and allowing the buyer to take advantage of any prompt payment discounts.”
A key advantage of Virtual Payables Direct is that it helps businesses manage working capital, one of the top priorities for corporate treasurers[3] which has been brought to the fore over the past year. The solution provides greater flexibility for buyers as it allows for large, one-off or last-minute payments. Suppliers can also receive a fast payment through a bank transfer. These benefits allow all parties to manage their cashflow more effectively and enable greater operational efficiency.
A video message from Chris Jameson
“We’re pleased to expand payment options for our clients with this new capability,” said Duygu Tasdelen-Stavropoulos, Senior Product Manager – B2B and Payables, GPS EMEA. “Virtual Payables Direct will contribute to the considerable benefits of virtual card payments, such as streamlining and automating processes, and reducing payment acceptance complexity, risk and costs.”
The rollout of Virtual Payables Direct in EMEA[1] will continue in 2025, with the addition of product enhancements and expansion to other regions.
Visit the bank’s website for more information about the bank’s Card and Comprehensive Payables solutions.
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 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital 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 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
Megan Pearson, Bank of America
Phone: +44.20.7995.6977
megan.n.pearson@bofa.com
[2] Straits Research, B2B Payments Market Size, Share and Forecast to 2031..
[3] The European Association of Corporate Treasurers (EACT), Journeys To Treasury 2023/24 Report.
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