Bank of America's electronic payments processing arm has created a European unit based in London.

Bank of America Merchant Services has created B of A Merrill Lynch Merchant Services, which will assist in e-commerce, card-present and card-not-present transactions for clients in need of international payment services. These services will be offered alongside the company's transaction banking platform.

The new division will be led by Michael Reed, who serves as executive vice president and segment manager. He was previously Bank of America Merchant Services' chief operating officer and general manager for the organization's large client sales group.

"Our clients have been requesting the same value and service they get in the United States," Reed said in a news release Monday. "We want to deliver custom solutions for our cross-border clients that meet their complex needs."

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