BofA Merrill Lynch app targets commercial prepaid cards
Bank of America Merrill Lynch has launched a mobile application to support commercial prepaid card programs and their cardholders.
The app is designed for cardholders who receive a reloadable prepaid card from an employer, government agency or other entities they do business with, the bank said.
"In replacing checks, prepaid cards can help organizations simplify compliance, eliminate manual work, lower expenses and reduce risks,” Hubert J.P. Jolly, head of financing and channels for global transaction services at BofA Merrill Lynch, said in a Monday press release. “With the mobile app, we’re excited to bring a new level of convenience and transparency to our clients’ prepaid cardholders.”
The app will allow cardholders to view balances and pending or posted transaction information. It will also include an ATM finder and support the ability to suspend or reactive cards in case they are lost or stolen.
The bank also cites the potential increase in security for the app when used on a biometric-enabled device for authentication through touch or facial biometrics.
Users can set up email and text alerts to be notified when card balances are low, when deposits are received, and when their personal information changes.
Creating digital services to help corporate clients manage payments is a developing trend in banking.
Last week, Citi announced two new digital services to help commercial clients more efficiently manage accounts payable and accounts receivable processes. Other banks, such as KeyCorp, Wells Fargo and JPMorgan Chase, have made investments in in various aspects of commercial payments over the past year.