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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