Bank of America Launches Virtual Payables Direct in EMEA to Simplify Payments

Bank of America has launched Virtual Payables Direct in EMEA, a new payment solution designed to simplify the process of making payments to suppliers. This innovative tool is set to revolutionize the way businesses manage their payables.

By using Virtual Payables Direct, companies can make payments directly to their suppliers' bank accounts, eliminating the need for paper checks and reducing the risk of lost or delayed payments. This streamlined process saves time and resources for businesses.

The Virtual Payables Direct solution is available to all Bank of America corporate clients in EMEA, providing them with a convenient and efficient way to manage their payables.

Bank of America has expanded its Virtual Payables capabilities in EMEA with the launch of Virtual Payables Direct, a business-to-business (B2B) payment solution that provides buyers with working capital advantages like extended payment terms.

This solution allows buyers to make card payments to any supplier in the region, regardless of whether the supplier typically accepts card payments. Payments are made much earlier in the procurement cycle, helping to improve supplier relationships and allowing buyers to take advantage of prompt payment discounts.

The global B2B payments market is growing rapidly, projected to reach over $2.4 trillion by 2031. Virtual Payables Direct helps businesses manage working capital, a top priority for corporate treasurers.

The solution provides greater flexibility for buyers, enabling large, one-off or last-minute payments, and suppliers can receive a fast payment through a bank transfer. These benefits enable all parties to manage their cashflow more effectively and enable greater operational efficiency.

Here are the key benefits of Virtual Payables Direct:

The rollout of Virtual Payables Direct in EMEA will continue in 2025, with the addition of product enhancements and expansion to other regions.

Virtual Payables Direct offers buyers in EMEA greater flexibility as they can make card payments to any supplier in the region, regardless of whether the supplier typically accepts card payments. This allows payments to be made much earlier in the procurement cycle, improving supplier relationships and enabling buyers to take advantage of prompt payment discounts.

The solution helps businesses manage working capital, a top priority for corporate treasurers. It provides greater flexibility for buyers, allowing for large, one-off, or last-minute payments. Suppliers can also receive a fast payment through a bank transfer.

Here are the key features and benefits of Virtual Payables Direct:

The rollout of Virtual Payables Direct in EMEA will continue in 2025, with the addition of product enhancements and expansion to other regions.