Bank of America Merrill Lynch Debuts ‘Dashboard Analytics’ Tool (July 23, 2013)
July 23, 2013
Bank of America Merrill Lynch continues its push to expand the reach and capabilities of its Global Transaction Services (GTS) with the unveiling this week of a new dashboard tool for its commercial card clients around the world. Dashboard Analytics, a module on the bank’s global reporting and account management system, harnesses data from millions of transactions, enabling corporate executives and treasury managers to view and analyze spending trends across organizations. The tool, available in 70 countries and in 21 languages, is particularly helpful to corporations working to improve efficiency by negotiating better terms with suppliers, and ensuring that employees adhere to travel policies to control spending.
Dashboard Analytics is designed so companies of all sizes can track total card activity by spending or transaction, time period or spending category, among other options; users also may track total card spending according to a company’s organizational structure, BofAML said. Because travel typically accounts for the second-largest corporate expenditure after personnel costs, companies are looking for such a tool to help reduce travel expenditures, said Kevin Phalen, head of Global Card and Comprehensive Payables within GTS. BofAML last month announced it’s expanding its GTS business to Canada, where BofAML is the country’s largest global financial institution.