Payments

Bank of America intros B2B payment solution

Photo: Adobe Stock

October 8, 2024

Bank of America launched Virtual Payables Direct for B2B payments. With this tool, businesses can pay suppliers via a card transaction or direct bank transfer, according to a press release.

Key benefits include:

• Optimizes working capital.
• Flexibility for large purchases.
• Eliminates complexity of card payment purchases.

This service is for the Europe, Middle East and Africa markets and will rollout throughout 2025.

"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," Chris Jameson, head of product management for Global Payments Solutions (GPS) EMEA., Bank of America, said in the release.

"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."