Clients Can Now Manage Virtual Wallet and Card Payments Via Single Platform
Bank of America Merrill Lynch (BofA Merrill), a leader in global transaction services, has launched a payments collection service supporting mobile and card payments through China UnionPay Merchant Services Company. BofA Merrill is the first non-Chinese bank to offer this end-to-end solution via multiple collection channels in China.
Through an agreement with China UnionPay Merchant Services Company, BofA Merrill can now provide clients in China an integrated solution that streamlines the process of payments collection and reconciliation. The comprehensive collection channel covers a wide range of virtual wallets, in addition to cards supported by China UnionPay nationwide. Clients need only set up one account with BofA Merrill and they will have access to a single point of support to manage funds coming through their online and physical payments channels.
“Mobile payments have been growing at a rapid pace in China, driven by the increasing use of virtual wallets such as Alipay™ (Alibaba), WeChat Pay™ (Tencent), and UnionPay™ (China UnionPay),” said Faisal Ameen, head of Asia Pacific Global Transaction Services at BofA Merrill. “Our solution provides the convenience of having all payments consolidated onto a single platform. By not having to match payments against different bank accounts, clients will achieve greater operational efficiency.”
The solution also provides comprehensive and flexible reporting capabilities, allowing clients to tailor the level of transaction details they need. Reports in English and Chinese are available on a daily, weekly or monthly basis depending on clients’ requirements.
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 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 34 million active users, including 23 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.
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Reporters May Contact:
Bellerina Yeo, Bank of America Merrill Lynch