Bank of America has been granted a patent for a new application that will enable clients to manage the available funds on corporate purchasing cards in real time.
The new technology, called Active Card Control, reduces the risk of theft and enables clients to gain increased control over employee expenditures, says the bank.
Active Card Control will enable clients to reset the available funds on each card as frequently as necessary using a Web-based tool. When initially issued, cards will have $0 in available funds until the client is ready to pay the supplier.
To pay an invoice the client submits a purchase request through the bank's Works application which uses the Active Card Control technology to fund individual cards with the exact amount to be paid. When those purchases are billed to the card, the available funds go to zero.
Bank of America cites benefits of improved administrative efficiency and lower costs from not having to raise and lower credit limits or change single transaction limits.
Dub Newman, GPS product management executive, Bank of America, says client feedback so far "has exceeded our expectations".
"We're confident in the potential of this solution to drive revenue and client satisfaction," says Newman.