BofA Merrill Launches SEPA Direct Debits
Bank of America Merrill Lynch (BofA Merrill) will make available single euro payments area (SEPA) Direct Debits (SDDs). In addition, it has expanded its card solutions to cover Argentina, the Czech Republic, Finland and Poland, as well as the Scandinavian countries of Denmark, Norway and Sweden.
Under SEPA, the eurozone-wide payment programme initiative, all existing country-specific local payment instruments will be replaced by 2014. Through investment in SDD technology, BofA Merrill will enable commercial card clients to benefit from the operational simplification and cost savings created by the harmonisation of multiple instruments and reduced number of paper mandates that need to be managed for cardholders.
“SDDs is another example of our continued investment in our commercial card capabilities,” said Duncan Kennett, director, Europe, Middle East and Africa (EMEA) commercial card at BofA Merrill. “We took the step of investing in this technology as early as possible so that we could help our clients get a head start in the SEPA conversion process. The early adoption will help them avoid future disruptions and more quickly realise the benefits of SEPA.”