Bank Of America Launches Global Digital Disbursements To Bank Customers In Canada
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The Bank of America has announced the release of Global Digital Disbursements. This offering will be available to the bank’s customers in Canada. It is open to commercial clients with deposit accounts at the bank’s branch in Canada.
Bank of America launches Global Digital Disbursements
Global Digital Disbursements are a form of offering that enables the processing several B2C payments and C2B collections. In these processes, the email address and mobile phone number will be the identifier.
The solution offered by the bank presents a cost-efficient and customer-friendly payment option. The offering will be available to the countries seeking a replacement for cash or cheque payments. According to the bank, it was Canada’s first US banking institution to provide C2B Requests for Pay and B2C payment flows.
The head of Product for Global Transaction Services (GTS), Canada at Bank of America, Leslie Konecny, said, “This is a milestone for Bank of America in Canada, as we continue to meet the evolving digital needs of our multinational clients, providing them with enhanced speed, flexibility and transparency to manage their payment and receipt flows.”
This solution is currently available in Canada through Interac e-Transfer. The latter is a money movement solution launched by Interac Corp. The organization extends payment and value exchange services in Canada for more than 300 financial firms. The offering is available in the US through Zelle. It is also available in 90 other countries through PayPal.
Global Digital Disbursements presents solutions
The Global Digital Disbursements is a tool that varies by industry. The offering also includes insurance companies planning to leverage the platform’s speed to make claim settlements.
Companies operating across the technology sector endorse this solution and its benefits to freelance employees and gig workers. It extends its services without the need to manage financial data. In instances of financial emergencies, non-profits endorse the ability to send financial relief through electronic platforms to people who might be physically displaced.
Canada is among the first markets to enjoy this offering. A “Request for Pay” feature will be available through the Global Digital Disbursements platform. It will also allow a company to send invoices to customers through a text or an email. The offering will also contain a link to pay the designated amount while advocating the fast receipt of payment.
The head of GTS Canada at Bank of America, Maureen Javis, noted that the launch of Global Digital Disbursements in Canada comes amid the bank’s 75th anniversary in Canada. The anticipated launch of the offering also speaks to the commitment of the institution towards local innovation in financial services to assist clients in realizing cost savings and attaining a competitive edge.
The bank will also offer additional investments for clients in Canada, including providing support to release Real-Time Rail. Expanding the Commerce Payment Portal for the bank will also support electronic collections across Canada and the US while offering Remote Deposit services to enable cheque collections.
