Bank of America is launching Global Digital Disbursements to its commercial clients holding deposit accounts at the bank’s branch in Canada. Global Digital Disbursements facilitates the processing of multiple B2C payments and C2B collections where the identifier is the person’s email address or mobile phone number. The solution is both a cost efficient and customer-friendly payments option for companies wanting to replace cash or cheque payments.
“We are pleased to be the first US bank in Canada to offer both C2B Request for Pay and B2C payment flows through this digital solution,” said Leslie Konecny, head of Product for Global Transaction Services (GTS), Canada at Bank of America.
“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.”
Solution offered in Canada via Interac e-Transfer
In Canada, the solution is being offered via Interac e-Transfer, a money movement solution offered by Interac. The organisation provides payment and value exchange services across Canada to over 300 financial institutions. A similar solution is available in the US via Zelle and in 90 other countries via PayPal.
The use case for Global Digital Disbursements varies by industry and includes insurance companies that leverage its speed to make claim settlements. Companies in the technology sector appreciate the convenience of the solution to pay freelance employees or “gig” workers, without the need to manage financial information. In emergency situations, non-profits also value the ability to send financial relief electronically to people who may be physically displaced.
‘Request for Pay’ also available with global digital disbursements in Canada
Canada is the first market where the “Request for Pay” feature will also be available with Global Digital Disbursements. It enables a company to send invoices to customers via text or email along with a link to pay the amount, driving faster receipt of payment.
“The launch of Global Digital Disbursements in Canada follows the bank’s 75th anniversary in the country,” said Maureen Jarvis, head of GTS Canada at Bank of America. “This much anticipated launch speaks to our commitment to local innovations in financial services that help our clients realise cost savings and a competitive edge.”
Additional investments for clients operating in Canada include the bank’s support of the launch of Real-Time Rail, the expansion of Bank of America’s Commerce Payment Portal to support electronic collections in Canada and the US and enhancements to the bank’s Remote Deposit services for cheque collections.