BofA Unveils Virtual Payables Solution to Support the Booming B2B Market

Product Allows Buyers to Make GBP or EUR Payments by Virtual Card to Suppliers That Prefer Bank Transfers

LONDON, Oct. 2, 2024 /PRNewswire/ -- Bank of America, a global leader in commercial cards, has expanded its Virtual Payables capabilities in EMEA¹ with the launch of Virtual Payables Direct. The business-to-business (B2B) payment solution provides buyers with the usual working capital advantages of a card transaction – such as extended payment terms – in addition to a new enhancement that allows suppliers to be paid via a direct bank transfer. This comes at a time when the global B2B payments market is growing rapidly and is projected to reach over US$2.4 trillion by 2031².