Bank of America has announced the launch of its new solution, Global Digital Disbursements, for its commercial clients in Canada. This solution aims to simplify the processing of B2C payments and C2B collections, where the identifier is the recipient’s email address or mobile phone number.
Global Digital Disbursements allows companies to replace cash or cheque payments with a more cost-efficient and customer-friendly option. This solution demonstrates Bank of America’s commitment to meeting the evolving digital needs of its multinational clients, providing them with enhanced speed, flexibility, and transparency in managing their payment and receipt flows.
In Canada, Global Digital Disbursements is being offered through Interac e-Transfer®, a money movement solution provided by Interac Corp., which serves over 300 financial institutions across the country. A similar solution is available in the U.S. through Zelle and in 90 other countries through PayPal.
The use case for Global Digital Disbursements is diverse and varies by industry. Insurance companies, for example, can leverage its speed to make claim settlements. Technology companies appreciate the convenience of the solution for paying freelance employees or gig workers without the need for managing financial information. Non-profits also find value in the ability to electronically send financial relief to people in emergency situations.
Canada is the first market where the “Request for Pay” feature will be available with Global Digital Disbursements. This feature enables companies to send invoices to customers via text or email, along with a link to make payments, resulting in faster receipt of payment.
Maureen Jarvis, head of GTS Canada at Bank of America, expressed excitement about the launch of Global Digital Disbursements in Canada, noting that it aligns with the bank’s commitment to local innovations in financial services that help clients achieve cost savings and a competitive edge.
Bank of America has also made additional investments to support its clients operating in Canada. This includes supporting the launch of Real-Time Rail, expanding the Commerce Payment Portal to support electronic collections in Canada and the U.S., and enhancing the Remote Deposit services for cheque collections.
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