Banc of America Merchant Services, LLC, a leading electronic payments processor in the United States, announced today its expansion to Europe and creation of a new London-headquartered unit, BofA Merrill Lynch Merchant Services (Europe) Limited (BofAML Merchant Services).

This will facilitate e-commerce, card-present and card-not-present transactions for clients looking for international payment services, in conjunction with existing services offered through BofAML’s transaction banking platform.

“Bank of America Merchant Services’ largest clients have complex global payments needs, and our presence in Europe will enable them to work with a consistent platform and team to help simplify their experience,” said Tim Tynan, chief executive of Bank of America Merchant Services.  

European support

The new European unit currently supports online transactions, covering 130-plus currencies and leveraging security features such as Address Verification and 3D Secure to help provide peace of mind for consumers and minimize fraud for businesses. It also leverages the strength of BofAML to help large enterprises with their complex cash flows. In working with clients, BofAML Merchant Services aims to reduce receivables, improve liquidity and streamline payments between countries and regions.

“Our clients have been requesting the same value and service they get in the United States,” said Reed Executive Vice President and Segment Manager, based in London. “We want to deliver custom solutions for our cross-border clients that meet their complex needs.”