Purchasing Card Program and Virtual Card Payments

The City of Tucson awarded a contract to Bank of America Merrill Lynch for a Purchasing Card Program and Virtual Payments Solutions. The contract has a term of 5 years, with the option to renew for an additional 5 years. The program provides the City with a purchasing card and virtual payments solution, with a rebate structure based on the City's transaction volume. The contract includes various terms and conditions, such as data security and confidentiality requirements, and provides for the City to have access to its transaction data. Key aspects of the contract include the rebate structure, data security, and confidentiality requirements. The City's goals for this contract include streamlining its purchasing processes and reducing costs. • The contract has a term of 5 years, with the option to renew for an additional 5 years. • The program provides the City with a purchasing card and virtual payments solution. • The rebate structure is based on the City's transaction volume. • The contract includes various terms and conditions, such as data security and confidentiality requirements. • The City has access to its transaction data. • The contract provides for the City to have control over its purchasing processes and to reduce costs.