This solution aims to support business-to-consumer (B2C) payments and consumer-to-business (C2B) request for payments, providing a cost-efficient and customer-friendly alternative to cash or check payments for companies, the company said in a Tuesday (Aug. 29) press release emailed to PYMNTS .
The Global Digital Disbursements solution utilizes an alias system, where the person’s email address or mobile phone number serves as the identifier, according to the release.
“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,” Leslie Konecny, the head of product for Global Transactional Services (GTS), Canada at Bank of America, said in the release.
In Canada, the Global Digital Disbursements solution is being offered through Interac e-Transfer, a money-movement solution provided by Interac, according to the press release. This tool is also available in the U.S. through Zelle and in 90 other countries via PayPal.
The versatility of the solution caters to various industries, including insurance companies for claim settlements, technology companies for paying freelance employees or gig workers, and non-profits for sending financial relief to those in need during emergency situations, the release said.
One notable feature of the Global Digital Disbursements solution in Canada is the availability of the “Request for Pay” feature, per the release. This feature enables companies to send invoices to customers via text or email, along with a link to pay the amount, facilitating faster receipt of payment.
“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,” Maureen Jarvis, the head of GTS Canada at Bank of America, said in the release.
Digital disbursement capabilities are making an impact in verticals like insurance that perform millions of disbursements annually and are seeking a balance between great customer experience and realizing the business efficiencies and cost savings digital options offer, Allison Shonerd, head of Global Digital Disbursements at Bank of America, told PYMNTS in an interview posted in March.
“There’s tremendous value in being able to pay a claim quickly, efficiently, at a moment’s notice, at night or on the weekend,” Shonerd said at the time.