Client Purchases Grow 9.2 Percent in Three Key Annual Categories in The Nilson Report
Once again, Bank of America Merrill Lynch (BofA Merrill) saw its commercial card business reach a new benchmark, according to the annual ranking of U.S. purchase volume for the 2016 calendar year recently published in The Nilson Report, a card payments industry publication.
BofA Merrill processed $56.3 billion in U.S. purchases in 2016 across three categories – purchasing cards, corporate cards and prepaid cards, a 9.2 percent increase over 2015. This total enabled BofA Merrill to maintain its No. 1 ranking in the combined categories.
“These are impressive results that reflect the continued trust that companies have in BofA Merrill’s commercial card platform,” said Hubert J. P. Jolly, who recently joined BofA Merrill in Global Transaction Services (GTS) as global head of Financing and Channels, which includes the Commercial Cards business. “We will continue to strive for quality service and enhancements that will keep them using our card and comprehensive payment offerings to meet their needs for efficient, convenient and safe purchase processes.”
In addition to the increase in commercial card usage overall, BofA Merrill client purchase volume increased in each of the three component categories:
|Purchase volume (billions)||Change from prior year||Rank|
|Purchasing cards||$41.2||+ 8.5%||1|
|Corporate cards||$7.8||+ 15.5%||2|
|Prepaid cards||$7.2||+ 6.5%||4|
Purchasing cards includes physical cards plus related virtual cards.
Corporate cards are primarily for travel and entertainment.
“The enhancements we’ve made in our capabilities over the past year have fueled much of the program growth that our clients have experienced,” said Jennifer Petty, head of Global Card and Comprehensive Payables in GTS at BofA Merrill. “Having open lines of communication with our clients is critical to supporting their businesses. As our clients' needs evolved, we delivered mobile capabilities including alerts, global footprint expansion, integration with large online marketplace suppliers, and enhanced 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 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 15,900 ATMs, and award-winning digital banking with approximately 35 million active users and more than 22 million mobile 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, leasing, equipment finance 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., both 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.
©2017 Bank of America Corporation. All rights reserved. Bank of America, Merrill Lynch, Broadcort and their logos are trademarks of Bank of America Corporation and/or its affiliates.
Reporters May Contact:
Louise Hennessy, Bank of America