The bank has reported that over USD 6.1 billion in payments was processed using ePayables in 2009. Since ePayables’s launch five years ago, payments processed through the card service have grown significantly across all markets and segments.With more than 700 clients making payments to more than 52,000 vendors, ePayables leverages the banks Active Card Control technology, allowing clients to manage available funds in order to reduce risk and increase control.
Recent enhancements to ePayables include BofA Merrill’s plans to expand the enrollments for the service to more vendors, in a bid to enable clients to maximize cheque to card conversion. BofA Merrill also continues to provide customers with processing capabilities, with new enhancements being deployed in early 2011.
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