Bank of America Merrill Lynch (BofA Merrill) has launched a mobile application for commercial prepaid cardholders in the US.
The app can be used by those who receive a reloadable prepaid card from an employer, government agency or entity with whom they do business. Although the cards can be used worldwide, the app is only available to clients in the US.
Benefits of the app include the ability for users to check their balance on the go, view pending and posted transactions, find a nearby cash machine and set up and manage email and text alerts to be notified when the card balance is low, when deposits are received and when their personal information changes. The app also offers touch or facial recognition authentication on devices with biometric capabilities.
Users can also use the app to place a lock on their card if it is lost or stolen and reactivate it if the card is found.
The app is free to download from the Apple iTunes and Google Play stores.
Hubert JP Jolly, head of financing and channels for Global Transaction Services at BofA Merrill, said: “Prepaid card programmes can deliver considerable benefits to companies and government agencies of all sizes. In replacing cheques, prepaid cards can help organisations 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.
“While cardholders can already access their account information either online or via a customer service phone number, the mobile app makes it even easier for them to manage their financial transactions, which they can now do regardless of their physical location.”