BAML extends Chip and PIN to corporate and commercial cards
07 April 2014 | 1718 views | 0
Source: Bank of America Merrill Lynch
Bank of America Merrill Lynch, a leader in card services for middle-market, large corporate and public sector clients, today announced that it is expanding chip and PIN technology to all purchasing and travel credit card products available to clients in the United States.
This is the latest development in the company's ongoing effort to rollout EMV® (EuroPay Mastercard Visa) technology to its global client base.
"We're committed to providing the most technologically advanced solutions, which our clients increasingly need to improve efficiencies while adding another layer of security," said Kevin Phalen, head of Global Card and Comprehensive Payables in Global Transaction Services (GTS). "More of our clients are asking for chip and PIN capability - not just for their key executives but for their entire employee base - and we have directed significant investments into our card platform to meet that demand."
BofA Merrill first introduced chip and PIN technology on corporate travel and expense (T&E) credit cards in Europe in 2010 and in the United States in 2012. "Chip-enabled cards allow the employees of our clients to travel the world safe in the knowledge that their cards will be accepted at any point of sale," added Phalen.
The bank began issuing chip-enabled purchasing cards in 2013. Together with T&E cards, more than 100,000 chip and PIN cards across the portfolio have been issued to clients in the United States alone. That number will grow as all newly issued credit cards for middle-market and large corporate clients will feature EMV technology.
EMV, or chip, technology allows card holders to make payments through chip-enabled merchant terminals that are regularly used in countries outside the U.S. Every chip card transaction is uniquely encrypted, adding protection against counterfeit fraud.
"As our clients' employees travel abroad, they are increasingly finding chip technology to be critical to a smooth experience," said Dub Newman, head of GTS, North America. "While EMV technology is widely adopted across Europe and other regions, it has only recently received traction in the United States. We anticipate the demand for EMV will continue to grow in the U.S. and our decision to expand the technology today will position our clients to stay ahead of the curve."