Bank of America Merrill Lynch today announced that its ePayables solution continues to post significant growth, with a compound annual growth rate of 43 percent over the last two years.
More than $6.1 billion in payments was processed using ePayables in 2009. Since ePayables was first offered five years ago, payments processed through the card solution have grown significantly across all markets and segments, demonstrating the confidence clients have placed in BofA Merrill as a provider of end-to-end payments services.
"Bank of America was one of the first providers of ePayables, and we have worked hard to become a trusted provider for our clients by helping them optimize their working capital, increase visibility into their cash flow and eliminate inefficiencies associated with paper," said Kevin Phalen, head of Commercial Card at BofA Merrill. "Our proven solution, which can be implemented by itself or as part of a comprehensive payments solution, provides clients with the working capital they need for their businesses to succeed."
One of the world's largest financial institutions, BofA Merrill provides an ePayables solution that integrates seamlessly with clients' accounts payable processes with minimal impact on technical resources.
With more than 700 clients making payments to more than 52,000 vendors, ePayables leverages the bank's patented Active Card Control™ technology, allowing clients to manage available funds in real-time, reducing risk and increasing control. By shifting from paper to electronic payments and consolidating payments, companies can see significant gains in liquidity and increase their working capital.
Recent enhancements to ePayables include expanding the enrollment efforts to a larger pool of vendors, which enables clients to maximize check to card conversion. As part of its ongoing commitment to being a leader in electronic payments, BofA Merrill also continues to provide enhanced straight-through processing capabilities, with new enhancements being deployed early next year.