BofA Merrill launches Digital Disbursements payment solution

Wednesday 1 October 2014 13:28 CET | News

Bank of America Merrill Lynch, a provider of global payments, has launched a payment solution dubbed Digital Disbursements.

The solution enables companies to make digital payments to their customers. The payments are directly routed to the bank account of the individual payee’s choosing using either a mobile phone number or e-mail address as the identifier.

Digital Disbursements was created to serve middle-market, large corporate and public sector clients. It uses the proven technology already in existence for person-to-person (P2P) payments, a capability currently offered by Bank of America’s consumer business through the company’s alliance with clearXchange.

A recent study conducted by the Federal Reserve reveals that 85% of consumers and 81% of businesses prefer not to provide bank account information to the payee when making a payment. Separately, the trend towards mobile banking continues to rise, and it is anticipated that by 2018, 63% of the mobile consumer population in the US will use mobile banking.

Bank of America Merrill Lynch offers a global suite of electronic and paper-based disbursement solutions to help companies optimize their working capital. Solutions include: low-value payments (Automated Clearing House), wire transfers, cross-border payments and multicurrency payments, as well as card solutions and ePayables.

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Keywords: BofA Merrill, Digital Disbursements, payment solution, digital payments, online payments
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech