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 US. 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 honour.
“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 programmes are designed to assist companies with managing their overall treasury and working capital needs. Programmes include purchasing cards, travel and expense cards and virtual card programmes, 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.
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 programme.
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