BoAML merchant services opens Europe branch to meet demand
Bank of America Merrill Lynch has expanded its merchant services to Europe, looking to break into a market dominated by Worldpay and Barclaycard in the UK.
BofA Merchant Services is targetting its exiting US customers who are looking for international payment services.
“BofAML Merchant Services’ largest clients have complex global payments needs, and our presence in Europe will enable them to work with a consistent platform,” said Tim Tynan, chief executive of Bank of America Merchant Services.
The move into Europe comes as payment services are coming under increased pressure from technology start ups expanding into payments.
“We welcome any competition that these technology firms bring to the market,” said Tynan.
First Data and Bank of America formed the merchant services division as a joint venture in 2009.