Bank of America has announced the launch of its award-winning, alias solution, 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 U.S. 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.”
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 over 300 financial institutions. A similar solution is available in the U.S. via Zelle 1 and in 90 other countries via PayPal 2.