Bank of America Merrill Lynch (BofAML), a leader in card services for middle-market, large corporate and public sector clients, today launched BofAML Travel Pro, an award-winning, market-leading business travel payment solution which enhances travel expense management.
The firm is the first commercial card issuer in EMEA to launch this product to clients. It is currently available across 27 countries in the region and will be followed by a global rollout.
BofAML Travel Pro is designed specifically for business travel expenditure. Using a unique 16 digit virtual card account number for each transaction (integrated with a travel management company), it allows companies to centralise their travel spend and capture more detailed data. This saves time, improves spending control and reduces reconciliation issues.
Matthew Davies, co-head of Product Management for Global Transaction Services (GTS), EMEA said, "As a leader in the global payments space, we're proud to launch BofAML Travel Pro, an innovative product which will improve the efficiency of our clients' business travel expense processes."
"Commercial Cards are integral to our GTS offering and this launch is part of our commitment to developing new products and technology to deliver solutions that address our clients' needs and provide a consistent experience as they expand their card programmes," Davies said.
Melissa Gargagliano, head of Commercial Cards for GTS EMEA, added, "BofAML Travel Pro extends a company's central purchasing capability from predominantly airline tickets to rental cars, hotel rooms and rail tickets. This new functionality will provide our clients with greater control over where and how their employees travel, which in turn, will drive cost savings and help maintain travel bookings within company policies."
BofAML Travel Pro was recently honoured in "Treasury Management International" magazine's Technology Innovation Awards in the Best Card Solution category.