The new BofA Merrill Virtual Payables, which uses application programming interface (API), helps to create single-use account numbers in real time.
A purchasing client can use API to begin payments through batch file delivery from its accounts payable/enterprise resource planning system. The payments can also be initiated via user interface.
The advanced Virtual Payables is said to streamline the payment process for both buyers and their suppliers.
Each transaction will have a unique card account number, helping to improve reconciliation for both parties.
Suppliers can avoid the saving of card number on file as all card account information and payment details are delivered through email and secure URL.
The enhanced Virtual Payables will also enable clients to incorporate a virtual card solution into their travel booking process.
BofA Merrill provides Virtual Payables across the globe, while the specific enhancements are offered only in the North America market.
Virtual Payables solution can be combined with an ACH network solution and Paymode-X Connect to automate organization’s non-payroll accounts payable check payments.
BofA Merrill global head of financing and channels for Global Transaction Services (GTS) Hubert Jolly said: “We are excited to present to our clients, and the market, continued enhancements and innovations with our card payment methods.
“We are proud to be the first issuer in North America to generate single-use virtual card accounts directly from our processor, resulting in the ultimate combination of flexibility and control.
Image: BofA Merrill’s Virtual Payables will help commercial purchasing clients to connect directly to the bank’s virtual card system. Photo: courtesy of Senseiich.
