Completing its suite of solutions
Bank of America Merrill Lynch is enhancing its flagship card solution, ePayables, with the launch of exact auth override (view press release). Exact auth override is designed to provide clients with greater payment control by authorising payments for a specific amount, down to the last penny. The launch follows the bank’s recent release of push payments and secure email for ePayables in the fourth quarter of last year. Push payments enable clients to automate supplier payments by disbursing funds directly to a supplier’s account, secure email enables clients to automate communication of card accounts knowing that their information is protected.
“Bank of America Merrill Lynch has developed over the years sophisticated tools to match the needs of both payers and payees – from dedicated vendor card to single use card per transaction, and from supplier initiated payments to push payments,” said head of Commercial Cards and Comprehensive Payables at BofA Merrill, Kevin Phalen. “Todays’ announcement about exact auth override signifies the completion of our suite of solutions to help companies more effectively manage their working capital.”
ePayables was first offered 7 years ago and last year it passed the milestone of USD10 billion of payments processed. Exact auth override will be available to clients from mid-July.
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