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.

Bloomberg News
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