The Nilson Report, a financial industry publication covering card and mobile payments, has ranked Bank of America Merrill Lynch (BofA Merrill) at the top of its 2017 rankings of U.S purchase volume for commercial cards.
During the calendar year of 2017, BofA Merrill processed $60 billion in U.S. purchases across three categories – Purchasing Cards, Corporate Cards, and Prepaid Cards. The purchasing volume is a 7 percent increase over the year prior, representing a steady and sustainable growth trajectory. Notably, the bank achieved a No. 1 ranking in Purchasing Cards for the fourth consecutive year.
“We are delighted by these results and are committed to growing our business while delivering innovations and new solutions that make our clients’ lives easier,” said Jennifer Petty, head of Global Card and Comprehensive Payables in Global Transaction Services (GTS) at BofA Merrill. “Earlier this year, we introduced enhanced Virtual Payables, which incorporates API connectivity, and an app for prepaid cardholders. We look forward to offering mobile wallet capabilities for both our commercial and prepaid cardholders.”
In addition to the total volume increase, BofA Merrill client purchase volume increased in each of the three component categories, solidifying the bank’s rankings in each.
|Purchase Volume (Billions)||Change from Prior Year||Rank|
Purchasing Cards includes physical cards and virtual cards. Corporate Cards is primarily travel and entertainment. Both the volume growth and ranking for Prepaid Cards are particularly significant as BofA Merrill is the only top five issuer that administers its own prepaid programs. The bank’s Corporate Card business also had the largest growth of the top five issuers.
“Commercial card programs are a central component of the working capital solutions we offer our clients around the world, and we are gratified that our clients continued to entrust us with their cards payments business in 2017,” said Hubert J.P. Jolly, global head of Financing and Channels for GTS at BofA Merrill. “We look forward to continuing to innovate and invest in our card franchise in 2018 and beyond.”
Bank of America Merrill Lynch is a leader in commercial card solutions. Recent updates about our capabilities include the launch of a mobile app for commercial prepaid cardholders, enhancements to our Virtual Payables solution, and the launch of our Card Assistant.
Please visit The Nilson Report for more information about the publication.
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 67 million consumer and small business clients with approximately 4,400 retail financial centers, including more than 1,700 lending centers, more than 1,900 Merrill Edge investment centers and more than 1,300 business centers; approximately 16,100 ATMs; and award-winning digital banking with approximately 36 million active users, including 25 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 across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Louise Hennessy, Bank of America