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Bank of America Merrill Lynch Enhances Commercial Card Technology; Chip and PIN to Be Offered to U.S. International Travelers
NEW YORK, November 08, 2011 (BUSINESS WIRE) --
Bank of America Merrill Lynch, a leading global commercial card provider to corporate and government entities, today announced that it would be expanding its offering of Chip and PIN technology to corporate cards for U.S. international travelers. The enhancement follows the adoption of full Chip and PIN technology for corporate clients in Europe last year and is in direct response to increased client demand. Chip and PIN is a natural extension of the company's commercial card strategy to provide innovative card solutions in markets throughout Europe, Asia, North America and Latin America.
Chip technology, which is also known as EMV(R) (EuroPay Mastercard Visa), allows card holders to make payments through chip-card readers that are regularly used in countries outside the U.S. The new cards can continue to be read by traditional magnetic stripe readers where Chip is not available. BofA Merrill will begin issuing the cards in the U.S. in first quarter 2012.
"Corporate travel cards help clients manage the complexity that comes with a growing volume of employees who travel abroad. We are very pleased to now offer our U.S. clients an improved solution that advances their convenience and security," said Kevin Phalen, head of Commercial Cards and Comprehensive Payables, BofA Merrill, who added that the company is working closely with Visa and MasterCard to ensure that the cards will be immediately accepted upon rollout.
BofA Merrill's corporate travel cards allow companies to consolidate reporting across multiple currencies and countries, and minimize foreign exchange expense with local currency settlement and payment. The Chip and PIN solution provides cardholders with improved confidence about the card's security and acceptance. For instance, the EMV chip offers greater control over fraud since Chip point-of-sale (POS) terminals are more commonly brought directly to the customer who then provides a PIN number to complete the transaction. The card rarely leaves the cardholder's hand.
The global utility of the card was an essential factor in its design. "We designed this card to be a solution that travelers can use in any region of the world - not just a U.S. dollar card that has a chip. We will continue to invest in card solutions that provide our clients' employees with ease of use and security wherever they may travel," Phalen added.
About Bank of America Merrill Lynch Commercial Card
Bank of America Merrill Lynch is a leading provider of commercial card solutions to large and middle market companies, globally, and to federal, state and local government entities in the United States. BofA Merrill's Commercial Card group works with these organizations to design integrated ePayments solutions that help unlock working capital while increasing efficiency, visibility and control. BofA Merrill cardholders can be served in numerous languages and have access to a worldwide network of more than 30 million credit card merchants and ATMs. For more information regarding BofA Merrill's card solutions, please visit http://corp.bankofamerica.com/business/ci/card-solutions.
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 approximately 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,750 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
Copyright 2011 Bank of America Corporation.
For more Bank of America news, visit the Bank of America newsroom.
SOURCE: Bank of America
Reporters May Contact:Louise Hennessy, Bank of America Merrill Lynch, 1.917.744.3930
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Bank of America Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.