B of A adds virtual card shortcuts for commercial users
Bank of America Merrill Lynch has streamlined its virtual cards so that commercial purchasing clients may connect directly to the bank’s virtual card system and create single-use accounts in real time.
B of A has enhanced its Virtual Payables product by leveraging an API that provides each transaction with a unique card account number, improving reconciliation for buyers and suppliers using virtual commercial cards, according to a Monday press release.
The move marks the first example of an issuer in North America generating single-use virtual card accounts directly from its processor, said Hubert J.P. Jolly, B of A Merrill Lynch’s global head of financing and channels for global transaction services, in the release.
Virtual Payables is offered globally, but the latest enhancements are available only in North America, B of A noted in the release.