(30 September 2024 – United Kingdom) Bank of America (BofA) has expanded its Virtual Payables capabilities in EMEA with the launch of Virtual Payables Direct.
The business-to-business (B2B) payment solution provides buyers with the usual working capital advantages of a card transaction such as extended payment terms in addition to a new enhancement that allows suppliers to be paid via a direct bank transfer.
This comes at a time when the global B2B payments market is growing rapidly and is projected to reach over US$2.4 trillion by 2031. A key advantage of Virtual Payables Direct is that it helps businesses manage working capital, one of the top priorities for corporate treasurers which has been brought to the fore over the past year.
The solution provides greater flexibility for buyers as it allows for large, one-off or last-minute payments. Suppliers can also receive a fast payment through a bank transfer. These benefits allow all parties to manage their cashflow more effectively and enable greater operational efficiency.
“Virtual Payables Direct offers our clients in EMEA greater flexibility as they can make card payments to any supplier in the region, regardless of whether the supplier typically accepts card payments. The payments are made much earlier in the procurement cycle, thereby helping to improve important supplier relationships and allowing the buyer to take advantage of any prompt payment discounts” commented BofA Head of Product Management for Global Payments Solutions (GPS) EMEA, Chris Jameson.
“We’re pleased to expand payment options for our clients with this new capability. Virtual Payables Direct will contribute to the considerable benefits of virtual card payments, such as streamlining and automating processes, and reducing payment acceptance complexity, risk and costs” stated BofA Senior Product Manager B2B and Payables, GPS EMEA, Duygu Tasdelen-Stavropoulos.