Bank of America has introduced a digital solution called Global Digital Disbursements to serve its corporate clients who hold deposit accounts at the bank’s Canadian branch. This move makes Bank of America the first U.S. financial institution operating in Canada to offer both C2B ‘Request for Pay’ and B2C payment processes. This development aligns the bank with the digital needs of its multinational clients and enhances the efficiency, flexibility, and transparency of payment and receipt processes.
Global Digital Disbursements simplifies the handling of various B2C payments and C2B collections by using an individual’s email address or mobile phone number as their identifying information. This solution offers a cost-effective and user-friendly alternative to cash or check transactions for businesses.
The application of Global Digital Disbursements is versatile and finds use in various industries. In the insurance sector, it can expedite claim settlements. Technology firms use it to conveniently compensate freelance employees or gig workers without needing to handle sensitive financial data. Non-profit organizations rely on it in emergencies to electronically disburse financial aid to individuals displaced from their physical locations.
Canada is one of the first markets where the ‘Request for Pay’ feature is available in conjunction with Global Digital Disbursements. This feature allows businesses to send invoices to customers via text message or email with a payment link, speeding up the receipt of payments.
Additionally, Bank of America’s introduction of Global Digital Disbursements in Canada coincides with the bank’s 75th anniversary of operations. This launch demonstrates the bank’s commitment to fostering advancements in financial services and helping its clients achieve cost efficiencies and maintain a competitive advantage.