With over 25 million mobile bank users on the retail side, Bank of America is shifting attention to ramping the numbers on the commercial side, with the launch of a mobile app for its prepaid commercial cards.
Today, Bank of America Merrill Lynch unveiled an app specifically designed for reloadable commercial prepaid cards. These cards are typically provided to employees or contractors by their employer or government agencies. The app, which is free, is now available on iOS and Google Pay.
Like BofA’s retail app, this one lets users view balances and transactions; suspend and activate cards; receive alerts on card balances, deposits as well locate nearest ATMs, among other features.
Although there is no mention of incorporating BofA’s virtual assistant Erica in this app, like the retail side it will use facial or touch recognition to let users sign in and out of it.
J.P. Jolly, head of financing and channels for global transaction services at BofA Merrill, said in a statement today:
Prepaid card programs can deliver considerable benefits to companies and government agencies of all sizes. In replacing checks, prepaid cards can help organizations simplify compliance, eliminate manual work, lower expenses, and reduce risks. With the mobile app, we’re excited to bring a new level of convenience and transparency to our clients’ prepaid cardholders.
The new app fits in with the bank’s overall strategy to add digital features and services to its commercial arm. Earlier this year, it launched a Virtual Payables product, a feature that allows its commercial clients to automate post-invoice payments.
Bank of America Merrill Lynch currently have 8 million active commercial prepaid cardholders, a BofAML spokes person told Bank Innovation.
In its Q2 earnings call last week, BofA CEO Brian Moynihan said the bank would invest up to $500 million in technology and innovation throughout this year and next, whether that includes the commercial side is unclear.Like This Post