BofA Merrill Extends Chip and PIN Technology for US Cards
Bank of America Merrill Lynch (BofA Merrill) is expanding chip and personal identification number (PIN) technology to all purchasing and travel credit card products available to clients in the US.
The bank said that the move represents the latest development in the company’s ongoing effort to roll-out EuroPay, Mastercard and Visa (EMV) technology to its global client base.
“We’re committed to providing the most technologically advanced solutions, which our clients increasingly need to improve efficiencies while adding another layer of security,” said Kevin Phalen, head of global card and comprehensive payables in global transaction services (GTS).
“More of our clients are asking for chip and PIN capability – not just for their key executives but for their entire employee base – and we have directed significant investments into our card platform to meet that demand.”
BofA Merrill first introduced chip and PIN technology on corporate travel and expense (T&E) credit cards in Europe in 2010 and in the US in 2012. “Chip-enabled cards allow the employees of our clients to travel the world safe in the knowledge that their cards will be accepted at any point of sale,” added Phalen.
The bank began issuing chip-enabled purchasing cards in 2013. Together with T&E cards, more than 100,000 chip and PIN cards across the portfolio have been issued to clients in the US alone.
BofA Merrill said that the number will grow as all newly issued credit cards for middle-market and large corporate clients will feature EMV technology.
“As our clients’ employees travel abroad, they are increasingly finding chip technology to be critical to a smooth experience,” said Dub Newman, head of GTS, North America.