Bank of America today announced advancements in purchasing card and travel card capabilities to clients by being able to issue and settle in local currencies throughout Europe.
These new capabilities are designed to offer greater simplicity and ease of use for clients with international purchasing, travel and entertainment expenses. This expanded offering is another milestone corporate card solution for Bank of America which does business with more than 140,000 companies and has been a leader in the card space for almost 50 years.
"We are committed to delivering solutions to our clients where they do business," said Kevin Phalen, Integrated Debt and Treasury executive. "As a result, we are expanding our offering in Europe with the intention of providing current and new customers with a tailored payment solution that allows them greater control and flexibility and aligns with their business strategy geographically."
Among the benefits now available is a local currency settlement feature, which can help minimize foreign exchange risk by settling and recording all transactions in local currency. Clients will enjoy consolidated account reporting across multiple countries, regions and globally. Additional benefits include chip and pin technology, which provides greater security features for transactions, and a simplified contract that covers all countries offered throughout Europe. Initially available in these 9 countries, Germany, Ireland, Belgium, Luxemburg, Netherlands, Spain, Sweden, Switzerland, and the UK, the bank will be expanding to other European countries and parts of the globe based on client needs.