BofA Merrill Lynch launches mobile one-stop collection product in China
Bank of America Merrill Lynch has launched a payments collection service in China 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 product via multiple collection channels in China, according to a press release.
Through an agreement with China UnionPay Merchant Services Company, BofA Merrill can now provide clients in China an integrated product 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)," Faisal Ameen, head of Asia-Pacific global transaction services at BofA Merrill, said in the release. "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."