The FINANCIAL — In an extraordinary year for payment trends, Bank of America once more retained its ranking as the top issuer of Visa® and Mastercard® commercial credit card solutions in the U.S. The 2020 rankings, published by the financial industry publication The Nilson Report, represent the seventh consecutive year wherein Bank of America has achieved the top honor.
“Thanks to our diverse portfolio of card solutions, we were able to help clients of all sizes, from all industries, to continue their operations throughout the pandemic and even pivot to paper-to-electronic (P2E) solutions that could help address their business continuity needs,” said Jennifer Petty, head of Global Card and Comprehensive Payables in Global Transaction Services at Bank of America.
Bank of America’s commercial card programs are designed to assist companies with managing their overall treasury and working capital needs. Programs include purchasing cards, travel and expense cards, and virtual card programs, as well as comprehensive payables offerings that bring together all B2B payment types into a single tool. Virtual card offerings, specifically Virtual Payables, saw a notable rise in adoption in 2020, Bank of America notes.
During 2020, the bank experienced a 90% increase in the number of Virtual Payables clients who wanted to expand the amount of their suppliers that accept card-based electronic payments. This led to a 53% increase in suppliers signing up to receive electronic payments through the program.
Virtual Payables proved to be a resilient solution for companies to manage through the pandemic, allowing them to easily digitize their payments and providing them opportunities for a more streamlined back office, reduction in labor costs and improved working capital according to Bank of America.
“Despite the majority of our teams working remotely over the last year, we’ve been able to maintain our long-standing commitment to servicing excellence and driving value through innovation,” said Susan Caras, co-head of Global Commercial Banking GTS at Bank of America. “The Nilson Rankings reflect our clients’ belief in us to deliver the best possible solutions for their treasury and cash management needs.”
Bank of America is a global leader in commercial cards and virtual payables. Earlier this year, the bank launched Bank of America Complete AP, another solution that can help companies with their P2E transformation. This solution has helped solve many clients’ payments challenges that resulted from the pandemic. For more information about Bank of America’s commercial card solutions, visit our website. Please visit The Nilson Report for more information about the publication.