Banc of America Merchant Services has expanded its operation to Europe by launching a new London-headquartered unit, BofA Merrill Lynch Merchant Services (Europe) (BofAML Merchant Services).
The new office will facilitate e-commerce, card-present and card-not-present transactions for customers looking for global payment services. It will also offer existing services via BofAML’s transaction banking platform.
Bank of America Merchant Services CEO Tim Tynan said: "Bank of America Merchant Services’ largest clients have complex global payments needs, and our presence in Europe will enable them to work with a consistent platform and team to help simplify their experience."
The new office will be managed by executive vice president and segment manager Michael Reed, who will be based in London.
Reed has over two decades of experience in the payments industry. Prior to this role, he served as Bank of America Merchant Services’ CEO and general manager,. responsible for the organization’s large client sales group.
Currently, the new unit supports online transactions, which covers 130-plus currencies and leveraging security features, which includes address verification and 3D Secure to minimize fraud for businesses. It also offers services to assist large enterprises with their complex cash flows.
BofAML Merchant Services aims to reduce receivables, improve liquidity and streamline payments between countries and regions.
Bank of America Merrill Lynch co-head of Product Management for Global Transaction Services (GTS) EMEA Matthew Davies said: "The launch of BofAML Merchant Services in Europe provides a great opportunity to further support our global client base, by offering enhanced expertise in electronic payments in addition to our existing range of transaction banking services offered through our GTS platform."