Enabling senior level executives and treasury departments to make informed decisions, the new tool will help companies save on travel expenses, improve working capital, and negotiate better terms with main suppliers.
Global Transaction Services global card and comprehensive payables head Kevin Phalen said after personnel costs, travel is the second-largest expense companies can control.
"The invaluable intelligence – that has a variety of detailed data – can help companies save on travel expenses and ultimately improve their working capital," Phalen added.
Available for commercial card clients in more than 70 nations and in 21 languages, the dashboard analytics translates millions of transactions from across the globe into a smooth and actionable dashboard view.
The new module provides three dashboard views of data, including card activity to track total spend or transaction count by period or spend category. Leader checks total spend or transaction count by a company’s organizational structure.
Known as ‘negative change’, the third dashboard views monitors decline in spending or transaction count by a company’s organization structure.
BofA serves nearly 51 million consumer and small business relationships with almost 5,300 retail banking offices and about 16,350 ATMs and online banking with 30 million active users and more than 13 million mobile users.
