Clients can start using a payee’s email address to disburse funds through PayPal, eliminating the need for the payer to gather and store an individual’s bank account information. The payments, which are initiated through the bank’s Global Digital Disbursements product, can be made from the US to PayPal account holders in Mexico, France, Germany, Italy, the UK, and the Philippines.
In 2014, the US bank launched Digital Disbursements solution, offering interbank business-to-consumer (B2C) payments that use an email address or mobile phone number as an identifier. The bank becomes now the first financial institution in the US to offer B2C payments through PayPal, using an email address as an identifier, launching the global version of BofA Merrill’s Digital Disbursements product.
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