Starting this month, mobile wallets will begin to make our commercial clients’ lives easier through faster, more secure and more efficient business purchases, while providing the same convenience they have in their personal transactions. The millions of Bank of America Merrill Lynch cardholders who use our corporate, commercial and purchasing cards in the United States are now able to use Apple Pay, Google Pay and Samsung Pay to make business purchases.
Bank of America has offered mobile payment services to customers, clients and merchants since 2014, but the addition of mobile wallets for commercial cardholders is new to the industry.
"We are very pleased to announce today a new, highly convenient mobile capability to our commercial clients,” said Hubert J.P. Jolly, head of Financing and Channels in Global Transaction Services at Bank of America Merrill Lynch. “Cardholders will no longer have to search for their physical wallet for every business purchase. The result should be faster transactions and greater peace of mind for the cardholder.”
Mobile wallets help protect client information by substituting an account number with a token, an automatically generated number that is loaded onto the mobile device (also known as a virtual card number). The client’s actual account number1 is not stored on the device, and the merchant neither sees nor stores the number. For additional security, the mobile wallet typically requires identity confirmation, such as a thumbprint or pass code, to complete transactions.
Bank of America Merrill Lynch is a leader in commercial card solutions. Notable updates to 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. The bank recently received top rankings from the Nilson Report for Commercial Card.
Enhanced security is at the core of Apple Pay. For more information, visit Apple Pay.
Samsung Pay enables safe, secure payments. For more information, visit Samsung Pay.
1 Mastercard® and Visa will process transactions similar to how they process physical card transactions today except most merchants won't have access to a person’s actual card number; merchants will receive the unique virtual card number associated with a person’s credit or debit card. Mastercard must provide the person’s actual card number to certain transit merchants (e.g., subway systems) in order to process real-time transactions.
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 more than 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.
“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., 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. ©2018 Bank of America Corporation.
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Reporters may contact:
Louise Hennessy, Bank of America Merrill Lynch