BofA Merchant Services expands to Europe
The new London-based European unit, in conjunction with Bank of America Merrill Lynch, will provide global clients simplified cross-border merchant services.
The new London-based European unit, in conjunction with Bank of America Merrill Lynch, will provide global clients simplified cross-border merchant services.
US electronic payments processor Banc of America Merchant Services is expanding to Europe, with the creation of a new London-headquartered unit, BofA Merrill Lynch Merchant Services (Europe) Limited (BofAML Merchant Services). The unit will facilitate e-commerce, card-present and card-not-present (CNP) transactions for clients looking for international payment services, in conjunction with existing services offered through BofAML’s transaction banking platform.
BofAML Merchant Services is managed by Michael Reed, who serves as executive vice president and segment manager and is based in London. Reed has more than two decades of experience in the payments industry, including previous roles as BofA Merchant Services’ chief operating officer (COO) and general manager for the organisation’s large client sales group. The new European unit currently supports online transactions, covering 130-plus currencies and leveraging security features such as Address Verification and 3D Secure to help provide peace of mind for consumers and minimise fraud for businesses.