Bank of America Merrill Lynch (BofAML), a leader in card services for middle-market, large corporate and public sector clients, today launched BofAML Travel Pro, a business travel payment solution which enhances management of travel expenditure for their clients in Europe.  It is currently available across 27 countries in the region and will be followed by a global rollout.

Unique Virtual Account number for expenditure identification

The award winning BofAML Travel Pro is designed specifically for business travel expenditure. Using a unique 16 digit virtual card account number for each transaction (integrated with a travel management company), it allows companies to centralise their travel spend and capture more detailed data. 

BofAML Travel Pro flowchart

Source & Copyright©2015 - Bank of America Merrill 

The use of unique virtual account numbers saves time, improves spending control and reduces reconciliation issues.

Melissa Gargagliano, head of Commercial Cards for GTS EMEA, said, “BofAML Travel Pro extends a company’s central purchasing capability from predominantly airline tickets to rental cars, hotel rooms and rail tickets. This new functionality will provide our clients with greater control over where and how their employees travel, which in turn, will drive cost savings and help maintain travel bookings within company policies.”

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CTMfile take: The usage of unique virtual account for each transaction is the key to identifying and reconciling travel expenditure. The difficult bit is getting all parties to use the virtual account number, this is what is so special about BofAML Travel Pro.