Local currency settlement, multi-country account reporting and smart-card offerings are all part of Bank of America’s revamped purchasing card and travel card services to corporate clients in Europe. BofA is a player in p-card and T&E expense services across the Atlantic, handling work for more than 140,000 companies. Highlights of the new platform includes the currency settlement feature, where companies minimize the risk of fluctuating forex rates by settling and recording transactions in local currencies. BofA has added “chip and pin” features to the cards to enhance security features. “We are expanding our offering in Europe with the intention of providing current and new customers with a tailored payment solution that allows them greater control and flexibility and aligns with their business strategy geographically," said Kevin Phalen, BofA’s Integrated Debt and Treasury executive. The new features are being rolled out to nine countries: Germany, Ireland, Belgium, Luxemburg, the Netherlands, Spain, Sweden, Switzerland, and the UK. The bank plans to expand to other Euro countries as client needs warrant.
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