Bank of America Merrill Lynch (BofA Merrill), a leader in global transaction services, has launched a payments collection service supporting mobile and card payments through China UnionPay Merchant Services Company. BofA Merrill is the first non-Chinese bank to offer this end-to-end solution via multiple collection channels in China.
Through an agreement with China UnionPay Merchant Services Company, BofA Merrill can now provide clients in China an integrated solution that streamlines the process of payments collection and reconciliation. The comprehensive collection channel covers a wide range of virtual wallets, in addition to cards supported by China UnionPay nationwide. Clients need only set up one 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.
“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),” said Faisal Ameen, head of Asia Pacific Global Transaction Services at BofA Merrill. “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.”
The solution also provides comprehensive and flexible reporting capabilities, allowing clients to tailor the level of transaction details they need. Reports in English and Chinese are available on a daily, weekly or monthly basis depending on clients’ requirements.