Bank of America Merrill Lynch (BofA Merrill) in collaboration with China UnionPay Merchant Services Company has introduced a new payments collection solution that will allow customers to manage virtual wallet and card payments via single platform.
As a result of the collaboration with UnionPay, the subsidiary of Bank of America becomes the first non-Chinese bank to provide this end-to-end solution via multiple collection channels in China.
Now the American lender can provide clients in China an integrated solution that streamlines the process of payments collection and reconciliation.
In order to avail the new facility, users need to set up an account with BofA Merrill and they will have access to a single point of support to manage funds coming through their online and physical payments channels.
BofA Merrill head of Asia Pacific Global Transaction Services Faisal Ameen said: “Mobile payments have been growing at a rapid pace in China, driven by the increasing use of virtual wallets such as Alipay (Alibaba), WeChat Pay (Tencent), and UnionPay (China UnionPay).
“Our solution provides the convenience of having all payments consolidated onto a single platform. By not having to match payments against different bank accounts, clients will achieve greater operational efficiency.”
Furthermore, the solution offers complete and flexible reporting capabilities, allowing clients to tailor the level of transaction details they need.