PROVIDENCE – Bank of America Corp.’s Global Digital Disbursements alias solution is now available to the bank’s commercial clients holding deposit accounts at its Canada branch, the bank announced.
Global Digital Disbursements facilitates the processing of multiple business-to-consumer payments and consumer-to-business request for payments collections where the identifier is the person’s email address or mobile phone number, according to a news release. The solution provides companies an alternative to cash or cheque payments.
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“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,” Leslie Konecny, head of Product for Global Transaction Services, Canada at Bank of America, said in a statement. “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 organization that provides payment and value exchange services across Canada to more than 300 financial institutions, according to a news release.
Canada is the first market where the “Request for Pay” feature will be available with Global Digital Disbursements, which 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,” Maureen Jarvis, head of GTS Canada at Bank of America, said in a statement. “This much anticipated launch speaks to our commitment to local innovations in financial services that help our clients realize cost savings and a competitive edge.”
