Bank of America Merrill Lynch, a global provider of transaction services, today announced the launch of "exact auth override," an enhancement to its flagship card solution, ePayables. Exact auth override will be available to clients starting mid-July and completes the suite of payment options for clients using ePayables, said the bank.
This addition to BofA Merrill's ePayables solution comes on the heels of push payments and secure email, which were added in the fourth quarter of 2011.
New features include greater payment control by authorizing payments for a specific amount, down to the penny; the ability to push payments to enable clients to automate supplier payments by disbursing the funds directly to a supplier's account; and automated communication of card accounts to ensure their information is protected.
The ePayables solution integrates seamlessly with a company's accounts payable processes with minimal impact on technical resources, according to the bank.
"Bank of America Merrill Lynch is a pioneer in ePayables solutions, having developed over the years sophisticated tools to match the needs of both payers and payees - from dedicated vendor card to single use card per transaction, and from supplier initiated payments to push payments," said Kevin Phalen, head of Commercial Cards and Comprehensive Payables at BofA Merrill.