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Bank of America Launches New Global Capabilities for Purchasing and Travel Expenses

Posted by J.S.

November 10, 2008

New capabilities to facilitate efficient international payments, provide enhanced global solutions for clients

CHARLOTTE, N.C., Nov. 10 /PRNewswire/ — Bank of America today announced advancements in purchasing card and travel card capabilities to clients by being able to issue and settle in local currencies throughout Europe.

These new capabilities are designed to offer greater simplicity and ease of use for clients with international purchasing, travel and entertainment expenses. This expanded offering is another milestone corporate card solution for Bank of America which does business with more than 140,000 companies and has been a leader in the card space for almost 50 years.

“We are committed to delivering solutions to our clients where they do business,” said Kevin Phalen, Integrated Debt and Treasury executive. “As a result, we are expanding our offering in Europe with the intention of providing current and new customers with a tailored payment solution that allows them greater control and flexibility and aligns with their business strategy geographically.”

Among the benefits now available is a local currency settlement feature, which can help minimize foreign exchange risk by settling and recording all transactions in local currency. Clients will enjoy consolidated account reporting across multiple countries, regions and globally. Additional benefits include chip and pin technology, which provides greater security features for transactions, and a simplified contract that covers all countries offered throughout Europe. Initially available in these 9 countries, Germany, Ireland, Belgium, Luxemburg, Netherlands, Spain, Sweden, Switzerland, and the UK, the bank will be expanding to other European countries and parts of the globe based on client needs.

Bank of America offers world class end-to-end payment solutions to their clients with quality service and a highly reliable payments platform.

Bank of America Global Corporate and Investment Bank

Bank of America (NYSE: BAC) 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 products and services. The company’s Global Corporate and Investment Banking group (GCIB) focuses on companies with annual revenues of more than $2.5 million; middle-market and large corporations; institutional investors; financial institutions; and government entities. GCIB provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, treasury management and research. Bank of America serves clients in 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Many of the bank’s services to corporate and institutional clients are provided through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc of America Securities Limited. For additional information, visit http://www.bankofamerica.com/
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SOURCE: Bank of America

CONTACT: Michael Schneider, RF|Binder Partners, +1-212-994-7546,
michael.schneider@rfbinder.com, or Anuj Baveja, Bank of America,
+1-646-855-3365, anuj.baveja@bofasecurities.com

Web site: http://www.bankofamerica.com/