Source: BofA Merrill Lynch
Bank of America Merrill Lynch, a leader in commercial card and payables solutions, today announced additional functionality to the card management tool, Works®.
The new solution, Online Account Request, simplifies the card application process by providing an electronic means to request a card and reducing new card application processing time by as much as 50 percent.
Many companies today process hundreds if not thousands of card applications per month. Done manually, the processing is vulnerable to human error when incorrect information is keyed into card management tools. Furthermore, correcting the errors results in loss of valuable employee time. By allowing cardholders to input their information directly, Bank of America Merrill Lynch is helping companies to significantly reduce both the potential for errors as well as the time taken to identify and correct the mistakes. Online Account Request offers companies the ability to create robust process controls by establishing electronic approval workflows. These processes have the capacity to be audited years after the card has been created.
Online Account Request will be an essential tool for card program administrators and treasury departments to improve efficiency and accuracy in a company's cardholder application processes, explained Kevin Phalen, head of Global Card and Comprehensive Payables in Global Transaction Services. "The new functionality is another demonstration of Bank of America Merrill Lynch's commitment to support our clients' success and develop solutions that directly solve their day-to-day challenges," he stated.
Over the last four years, Bank of America Merrill Lynch, one of the leaders in global corporate travel card, has invested over $1.2 billion in its Global Transactions Services platform where corporate cards reside. Earlier this year, the company announced the launch of a new user interface for Works®. The redesign was a multi-million dollar investment to improve the user's experience by streamlining workflows, data presentation and user navigation.
In just three years, Bank of America Merrill Lynch has experienced double-digit growth in the global corporate travel card business. "We're extremely proud that more and more companies are entrusting us with their card business. Developing innovations like Online Account Request is key to our clients' satisfaction. We look forward to continuing to innovate and helping our clients be even more successful than they are today," added Phalen.
With more than 225,000 active users, the Works® platform helps companies manage all aspects of their card program - from individual card account setup, spending controls, account approvals and reconciliation to organizationwide expense reporting. The management tool supports card programs including Purchasing Cards, Travel & Entertainment Cards as well as the bank's accounts payable online tool, ePayables.