Bank of America Global Treasury Services (GTS) announced that its ePayables Solution, an automated card payment process that shifts accounts payable disbursements to corporate purchasing cards, is now in full production.
A number of corporate card clients are currently using ePayables to reduce the costs and inefficiencies associated with processing paper-based payments.
"We are delighted with the success of this product rollout," said Steve Vaglio, senior vice president, U.S. Product Management. "The number of deployments for the new service has far exceeded our targets and has been a great addition to our suite of payment transformation products."
ePayables is designed to help clients move beyond traditional card spend and focus on replacing physical checks with electronic card payments through the global credit card network. Enabled by Active Card Integration capabilities, ePayables allows organizations to integrate with their existing Accounts Payable processes to replace the backend payment with a secure, card payment and eliminate costs associated with paper checks.
"Our rollout of the ePayables Solution has gone quickly and smoothly, and the new process integrates seamlessly with our existing procedures," says Dave Trapani, Treasurer, Monster Worldwide. "The benefits from improved efficiencies and savings from converting paper checks to card payments have been substantial for our company. The ePayables solution has been widely accepted by our suppliers and many suppliers have told us the solution improves their process."
ePayables is rapidly deployable, scalable, and provides innovative features for managing card payments to key suppliers. ePayables, part of the Works solution recently acquired by Bank of America, is available through Bank of America Global Treasury Services.
As a leading innovator in the paper to electronic payment transformation, Bank of America continues to add capabilities to its robust suite of solutions designed to help clients move toward a paperless environment optimizing payments and enabling real-time reporting.