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Bank of America launches Pay to Card solution

Friday 11 June 2021 10:52 CET | News

Bank of America has added a new payment solution to its suite of business-to-consumer (B2C) payment capabilities called Pay to Card.

The solution supports corporates’ growing need to pay consumers digitally by depositing funds directly into an individual’s or small business’ bank account. Pay to Card leverages the details of a bank card (excluding credit cards) associated with an account to process the transaction. For domestic payouts, funds are typically available in near real time, within 5 minutes, while applicable cross-border payouts are often available within 30 minutes. Pay to Card is expected to process payments to around 170 countries in more than 120 currencies.

The launch of Pay to Card comes at a time when companies are getting closer to their customer base and having to manage an increasing number of payment interactions. Use cases of Pay to Card transactions include:

  • Payments to contractors and gig economy workers
  • Refunds and rebates to customers
  • Disaster relief payments
  • Financial aid payments for higher education
  • Insurance claim payments

More: Link


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Keywords: Bank of America, product launch, digital banking
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech