BofA Unveils Virtual Payables Solution to Support the Booming B2B Market

• Helps corporate treasurers and buyers optimise working capital.
• Provides greater flexibility for large or last-minute purchases.
• Eliminates the need for suppliers to perform a technical set-up to process card payments.
• Buying organisations enjoy extended payment terms as part of their card programme.
• Suppliers receive prompt payment through bank transfer.

"We're pleased to expand payment options for our clients with this new capability," said Duygu Tasdelen-Stavropoulos, Senior Product Manager - B2B and Payables, GPS EMEA. "Virtual Payables Direct will contribute to the considerable benefits of virtual card payments, such as streamlining and automating processes, and reducing payment acceptance complexity, risk and costs."

The rollout of Virtual Payables Direct in EMEA^[1] will continue in 2025, with the addition of product enhancements and expansion to other regions.

Visit the bank's website for more information about the bank's Card and Comprehensive Payables solutions.

Bank of America is one of the world's leading 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 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, 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 households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

Megan Pearson, Bank of America
Phone: +44.20.7995.6977
[email protected]

^[1] SEPA and the UK

^[2] Straits Research, B2B Payments Market Size, Share and Forecast to 2031..

^[3] The European Association of Corporate Treasurers (EACT), Journeys To Treasury 2023/24 Report.

Public link

Please use the above public link if you want to share this noodl on another website.