BofA Merrill Enhances E-payables Solution
Bank of America Merrill Lynch (BofA Merrill) has launched exact auth override, an enhancement to the flagship card solution, ePayables. Exact auth override will be available to clients starting mid-July and completes the suite of payment options for clients using ePayables.
This new development to BofA Merrill’s ePayables solution comes on the heels of push payments and secure email, which were added in the fourth quarter of 2011. The full suite of solutions offers a number of benefits to clients. Exact auth override provides greater payment control by authorising payments for a specific amount, down to the penny.
Push payments enable clients to automate supplier payments by disbursing the funds directly to a supplier’s account. The straight-through process (STP) requires no supplier intervention, resulting in auto reconciliation for clients as well as efficiencies for suppliers. Push payments offer the additional benefits of enhancing compliance with Payments Card Industry (PCI) standards, and reducing the potential for fraud since no card account information is exchanged in the process.
“BofA Merrill is a pioneer in e-payables solutions, having 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 Kevin Phalen, head of commercial cards and comprehensive payables at BofA Merrill. “Today’s announcement about exact auth override signifies the completion of our suite of solutions that allows companies to introduce faster, safer and more robust transaction processes to help them more effectively manage their working capital.”