Bank of America expands digital payment offering

Bank of America is adding a new payment solution to its suite of B2C payment capabilities, to support the growing need for corporates to pay consumers quickly and digitally by depositing funds directly into an individual’s or small business’ bank account.

Named ‘Pay to Card’, the solution leverages the details of a bank card (excluding credit cards) associated with an account to process the transaction.

Speed is a key benefit. For domestic payouts, funds are typically available in near real time, within five 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, said the bank in a statement.

Other notable features include:

• Enhanced digitisation, given clients want more digital B2C payment methods to reduce check volumes and the associated manual processes
• Greater certainty for cross-border payments, with Bank of America able to determine whether a beneficiary is eligible for a payment on the same day of payment instruction receipt by the bank
• Security, since Pay to Card payments are processed through tokenisation – plus, corporates can send digital payments without needing to store a beneficiary’s bank account and routing details

“As the payments industry continues to evolve, we are constantly investing and bringing to market new solutions and services that can help clients become more efficient and relevant to a broadening set of stakeholders.” said David Kretz, head of global payments in global transaction services at Bank of America.