Bank of America Merrill Lynch (BofA Merrill) has launched an enhancement to its commercial card offering with the launch of online PIN Check. Online PIN Check allows Chip and PIN cardholders the convenience of viewing their PIN in a secure environment. The innovation follows the company’s successful rollout of Chip and PIN cards to large corporate clients in the US and Europe over the past few years. Next month, BofA Merrill will be expanding its offering of Chip and PIN to corporate clients in Canada.
“The global card market continues to evolve towards a wholesale adoption of Chip and PIN technology, and BofA Merrill is pleased to offer the solution to its clients,” said Kevin Phalen, head of global card and comprehensive payables.
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.