The launch targets Bank of America’s commercial clients holding deposit accounts at the bank’s branch in Canada. The Global Digital Disbursements alias solution helps facilitate multiple Business-to-Consumer (B2C) payments processing and Consumer-to-Business (C2B) collections where the identifier is the person’s email address or mobile phone number. The solution is a cost-efficient and customer-friendly payment option for companies looking to replace cash or cheque payments.
The move marks one of the first US banks in Canada to provide both C2B Request to Pay and B2C payment flows through this digital solution. Leslie Konecny, head of Product for Global Transaction Services (GTS), Canada at Bank of America said that this represents a milestone for Bank of America in Canada, as it seeks to further meet the evolving needs of its multinational clients, providing them with increased speed, flexibility, and transparency to manage their payment and receipt flows.
In Canada, the solution is offered through Interac e-Transfer, a money movement solution supplied by Interac Corp, an organisation that provides payment and value exchange services across Canada to more than 300 financial institutions. A similar solution is available in the US via Zelle and in 90 other countries via PayPal.
Global Digital Disbursements’ use case varies by industry and includes insurance companies that leverage its speed to make claim settlements. Companies in the tech sector seek the convenience of the solution to pay freelance employees or ‘gig’ workers, without needing to manage financial information, and in urgent situations, non-profits value sending financial relief electronically to people who might be physically displaced.
Canada comes as the first market to have the ‘Request for Pay’ feature available with Global Digital Disbursements. Per the announcement, it enables companies to send invoices to customers via text or email alongside a link to pay the amount, helping drive faster payment receipt.
Further adding the news, Maureen Jarvis, head of GTS Canada at Bank of America said that the launch of Global Digital Disbursements in Canada showcases the enterprise’s commitment to local innovations in financial services that help clients realise cost savings, as well as a competitive advantage.
The press release further highlights that additional investments for clients that operate in Canada include the bank’s support of the launch of Real-Time Rail, the expansion of Bank of America’s Commerce Payment Portal to support electronic collections in Canada and the US, and upgrades to the bank’s Remote Deposit services for cheque collections.
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