BAML Posts Significant Growth in ePayables
Bank of America Merrill Lynch (BAML) has said that its electronic payables (epayables) solution continues to post significant growth, with a compound annual growth rate of 43% over the past two years. More than US$6.1bn in payments was processed using epayables in 2009.
“Bank of America was one of the first providers of epayables, and we have worked hard to become a trusted provider for our clients by helping them optimise their working capital, increase visibility into their cash flow and eliminate inefficiencies associated with paper,” said Kevin Phalen, head of commercial cards at BAML. “Our proven solution, which can be implemented by itself or as part of a comprehensive payments solution, provides clients with the working capital they need for their businesses to succeed.”