Bank of America Unveils Virtual Payables Direct to Streamline B2B Payments

Bank of America launches Virtual Payables Direct, a new B2B payment solution that offers flexibility and efficiency.

Bank of America expands Virtual Payables capabilities in EMEA with the launch of Virtual Payables Direct. Symbolic Image

London, UK – October 2, 2024: 

Bank of America, a global leader in commercial cards, has expanded its Virtual Payables capabilities in EMEA with the launch of Virtual Payables Direct. This innovative B2B payment solution offers buyers the flexibility to make GBP or EUR payments by virtual card to suppliers who prefer bank transfers.

Virtual Payables Direct provides buyers with the traditional benefits of card transactions, such as extended payment terms, while also offering suppliers the convenience of receiving payments via direct bank transfer. This unique combination addresses the growing needs of the B2B payments market, which is projected to reach over US$2.4 trillion by 2031.

"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," said Chris Jameson, head of Product Management for Global Payments Solutions (GPS) EMEA. "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."  

One of the key advantages of Virtual Payables Direct is its ability to help businesses optimize working capital. By providing greater flexibility for large or last-minute purchases and allowing suppliers to receive prompt payment through bank transfers, the solution enables all parties to manage their cash flow more effectively.

"We're pleased to expand payment options for our clients with this new capability," said Duygu Tasdelen-Stavropoulos, Senior Product Manager – B2B and Payables, GPS EMEA. "Virtual Payables Direct will contribute to the considerable benefits of virtual card payments, such as streamlining and automating processes, and reducing payment acceptance complexity, risk, and costs."

The rollout of Virtual Payables Direct in EMEA will continue in 2025, with the addition of product enhancements and expansion to other regions. Bank of America's commitment to providing innovative payment solutions demonstrates its leadership in the commercial cards market.