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Bank of America Patents Innovative Technology for Corporate Cards
Thursday, April 03, 2008
Charlotte, NC -- Bank of America today announced that it has been granted a patent for a new, industry-leading technology called Active Card Control. The technology allows Bank of America clients to manage the available funds on corporate purchasing cards dynamically and in real time, reducing the risk of theft and enabling clients to gain increased control over employee expenditures.
The Active Card Control technology is an innovative extension of Bank of America's commercial card product suite. Using the technology, the client can reset the available funds on each card as frequently as necessary through a web-based tool. When initially issued, cards will have $0 in available funds until the client is ready to pay the supplier. At that time, the client submits a purchase request through the Bank of America Works application which uses the Active Card Control technology to fund individual cards with the exact amount of the invoices to be paid. When those purchases are billed to the card, the available funds go to zero.
"The many successes of our Bank of America card programs led to the implementation of this purchasing card solution with Active Card Control," said Jana Clark, Financial Services Manager for CaroMont Health, an independent, not-for-profit healthcare system with nearly 3,500 healthcare professionals in the Southeast. "We have seen substantial improvement in the efficiency of our process, and we feel reassured by the card's security features."
Key benefits of Active Card Control for the client include improved administrative efficiency and lower costs from not having to raise and lower credit limits or change single transaction limits; increased control over purchasing due to a mandatory approval process; reduced paperwork; and ease of implementation as purchase requests can be used with any card program that uses the Works platform.
"Client feedback so far has exceeded our expectations, and we are confident in the potential of this solution to drive revenue and client satisfaction," said Dub Newman, GPS Product Management executive. "This purchasing card solution further demonstrates our commitment to driving innovation in everything we do."
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 19,000 ATMs and award-winning online banking with nearly 24 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock is listed on the New York Stock Exchange. http://www.bankofamerica.com/.
A division of Global Corporate & Investment Banking at Bank of America, Global Product Solutions designs, delivers and services integrated credit and treasury products to more than 140,000 clients around the world, including small businesses, middle-market and large corporations, multi-nationals, financial institutions and governments. These solutions, distributed through client managers, include business and corporate lending, global payments and liquidity management, commercial card services, trade finance, foreign exchange, lines of credit and equipment finance solutions. Global Product Solutions is the #1 treasury services provider in the U.S. and a leading provider globally, serving 95% of U.S. Fortune 500 companies and 73% of the Global Fortune 500.
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