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BofA Merchant Services expands to Europe

Bank of America Merchant Services has announced its expansion to Europe and creation of a new London-headquartered unit, BofA Merrill Lynch Merchant Services (Europe) Limited (BofAML Merchant Services). BofAML Merchant Services will facilitate e-commerce, card-present and card-not-present transactions for clients looking for international payment services, in conjunction with existing services offered through BofAML’s transaction banking platform. This new European unit currently supports online transactions, covering 130-plus currencies and leveraging security features such as address verification and 3D Secure to minimize business frauds. It also leverages the strength of BofAML to help large enterprises with their complex cash flows. In working with clients, BofAML Merchant Services aims to reduce receivables, improve liquidity and streamline payments between countries and regions. Bank of America Merchant Services CEO Tim Tynan said Bank of America Merchant Services’ largest clients have complex global payments needs, and its presence in Europe will enable the clients to work with a consistent platform and team to help simplify their experience.

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