BofA Expands Its Digital B2C Payment Offerings with Pay to Card
Bank of America is adding a new payment solution to its suite of business-to-consumer (B2C) payment capabilities. Named Pay to Card, the solution supports corporates' growing need to pay consumers quickly and digitally by depositing funds directly into an individual's or small business' bank account. Pay to Card leverages the details of a bank card (excluding credit cards) associated with an account to process the transaction.
A major benefit of Pay to Card is speed. For domestic payouts, funds are typically available in near real time, within 5 minutes, while applicable cross-border payouts are often available within 30 minutes. Exemplifying the bank's leadership in emerging payments and foreign exchange, Pay to Card is expected to process payments to around 170 countries in more than 120 currencies.
"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 (News - Alert) at Bank of America. "As the latest addition to our suite of digital B2C payment options, Pay to Card offers enhanced speed, flexibility and convenience."
The launch of Pay to Card comes at a time when companies are getting closer to their customer base and having to manage an increasing number of payment interactions. Use cases of Pay to Card transactions include:
"The ubiquity of e-commerce today has fueled a huge demand for companies to make B2C payments domestically and cross-border," said Fernando Iraola, co-head of Global Corporate Sales, GTS, and head of Latin America GTS at Bank of America. "Pay to Card could bring substantial efficiencies to our clients while improving their own customers' experience."
The key benefits of Pay to Card payments include:
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"Bank of America" is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2021 Bank of America Corporation. All rights reserved.
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