Automated Corporate Purchasing Card Payment Solution Moves Paper-based Processes to Electronic, Reducing Costs
Charlotte, North Carolina, March 7, 2006 - Bank of America Global Treasury Services (GTS) announced that its ePayables Solution, an automated card payment process that shifts accounts payable disbursements to corporate purchasing cards, is now in full production. A number of corporate card clients are currently using ePayables to reduce the costs and inefficiencies associated with processing paper-based payments.
"We are delighted with the success of this product rollout," said Steve Vaglio, senior vice president, U.S. Product Management. "The number of deployments for the new service has far exceeded our targets and has been a great addition to our suite of payment transformation products."
ePayables is designed to help clients move beyond traditional card spend and focus on replacing physical checks with electronic card payments through the global credit card network. Enabled by Active Card Integration™ capabilities, ePayables allows organizations to integrate with their existing Accounts Payable processes to replace the backend payment with a secure, card payment and eliminate costs associated with paper checks.
"Our roll-out of the ePayables Solution has gone quickly and smoothly, and the new process integrates seamlessly with our existing procedures", says Dave Trapani, Treasurer, Monster Worldwide. "The benefits from improved efficiencies and savings from converting paper checks to card payments have been substantial for our company. The ePayables solution has been widely accepted by our suppliers and many suppliers have told us the solution improves their process."
ePayables is rapidly deployable, scalable, and provides innovative features for managing card payments to key suppliers. ePayables, part of the Works solution recently acquired by Bank of America, is available through Bank of America Global Treasury Services.
As a leading innovator in the paper to electronic payment transformation, Bank of America continues to add capabilities to its robust suite of solutions designed to help clients move toward a paperless environment optimizing payments and enabling real-time reporting.
About Bank of America Global Treasury Services (GTS)
Global Treasury Services (GTS) is a $6 billion revenue division of Bank of America that provides integrated working capital management and treasury solutions to business and institutional clients. GTS services include treasury management, trade finance, foreign exchange, short-term credit facilities, and global liquidity management. Bank of America GTS is a leading provider in treasury and trade services globally based on revenue, and is an industry leader in payments transformation.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 38 million consumer and small business relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 97 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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