Bank of America 2006 Annual Report Download - page 24

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Monster Worldwide Inc., the leading global online careers and recruiting
company, wanted to eliminate its cumbersome paper-based accounts-payable
process and consolidate its many card programs.
Monster turned to ePayables, a Bank of America electronic payments service
that lets the company pay vendors through secure card payments, eliminating
the cost and administrative burden of cutting paper checks.
Joe Schmidt, director of Billing and Disbursement for Monster Worldwide,
said that the prospect of greater efficiency and lower costs is what attracted the
company to ePayables. “ePayables is a great system and the ideal solution to the
challenges we were facing,” he said. “We can pay vendors more quickly by
charging the ePayables card account, then select a settlement cycle that best
meets our needs, retaining the cash in the interim. We’ve eliminated traditional
payment transaction fees, and we benefit from cash payout incentives.”
Automating Monster’s accounts payable not only saved the company signifi-
cant costs associated with paper processing, but also increased annual cash flow
by more than $7 million. “ePayables is an innovative, cost-saving solution for our
clients,” said Rebecca Vogel, Bank of America client manager. “When we respond
to our clients’ needs with market-leading products like this one, we can grow in
importance to our customers while we build earnings for our shareholders, too.”
The bank’s vendor-enrollment system helps clients use the program easily
and efficiently. Clients simply provide account numbers and contact information
for their suppliers, and the bank takes care of the enrollment. When it set up the
service at Monster, Bank of America enrolled more than 300 of the company’s
vendors within the first three months.
ePayables is just one of the products that is making Bank of America’s
treasury services increasingly popular with companies of all sizes. “We know
what it’s like to reinvent an industry, and ePayables is doing just that in the
payments space,” said Schmidt. “The accounts-payable unit is now a profit
center at Monster Worldwide.”
Managing Monster
Cash Flows
Building Opportunities in Treasury Services
■ Launched new capability to expedite billing and claims
processing for major health care providers
■ Introduced vendor financing solutions to expand global sourcing
opportunities for U.S. companies
■ Created the Emergency Relief™ card program for government emergency
responders and corporate business continuity teams
Our
Innovations
■ Clients are consolidating payments
providers.
■ Growth in electronic transaction
volumes and international payment
flows is dramatic.
■ Investment in treasury capabilities will
protect existing dominant share and
produce long-term revenue growth.
The
Opportunity
WITH EPAYABLES, COMPANIES SAVE MONEY BY
PAYING THEIR BILLS ELECTRONICALLY.