Bank of America has introduced its business-to-consumer payments solution in Canada as it continues to bolster its digital solutions.
The move is apart of a wider strategy that the bank is employing, as it attempts to look for consistent digital solutions that clients can use across all its markets.
Global Digital Disbursements, which launched last month, and is available through the bank’s CashPro platform, 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.
Leslie Konecny, head of Product for Global Transaction Services (GTS), Canada at Bank of America, said: “We are pleased to be the first U.S. bank in Canada to offer both C2B Request for Pay and B2C payment flows through this digital solution.
“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.”
In Canada, the solution is being offered via Interac e-Transfer, a money movement solution offered by Interac Corp., an organisation that provides payment and value exchange services across Canada to over 300 financial institutions.
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.”
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