BofA Expands Its Digital B2C Payment Offerings with Pay to Card
Solution Supports U.S. and Cross-Border Transactions via Bank Cards
NEW YORK–(BUSINESS WIRE)–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 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:
- Payments to contractors and gig economy workers
- Refunds and rebates to customers
- Disaster relief payments
- Financial aid payments for higher education
- Insurance claim payments
“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:
- Enhanced digitization. Clients want more digital B2C payment methods to reduce check volumes and the associated manual processes.
- Speed. Domestic payouts settle within 5 minutes and applicable cross-border payouts often settle within 30 minutes.
- Greater certainty for cross-border payments. Bank of America can determine whether a beneficiary is eligible for a payment on the same day of payment instruction receipt by the Bank, avoiding uncertainty and reducing delays. Further, an unsuccessful payment is quickly identifiable and can be resolved faster than other cross-border payment methods.
- Security. Pay to Card payments are processed through tokenization. Further, corporates can send digital payments without needing to store a beneficiary’s bank account and routing details.
- Consistent global requirements. Debit cards have a standard number of digits, whereas bank account characteristics vary greatly from one country to another.
Pay to Card joins the bank’s award-winning suite of payments capabilities including Global Digital Disbursements and Cross-Currency ACH. More payment innovations are expected later this year.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 40 million active users, including approximately 31 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
“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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Contacts
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
[email protected]
