back Back

Bank of America launches Pay to Card, expands its digital B2C payment offerings

By Pavithra R

June 14, 2021

  • America
  • Bank
Share

Bank of America , Pay to Card,  digital B2C payment , B2C, speed, flexibility, launchBank of America, leading financial institutions, serving individuals, small- and middle-market businesses and large corporations has announced the addition of a new payment solution ‘Pay to Card’ to its suite of business-to-consumer (B2C) payment capabilities. 

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. 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. It leverages the details of a bank card (excluding credit cards) associated with an account to process the transaction.

The bank quotes speed as the main benefit of Pay to Card. 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. As the latest addition to our suite of digital B2C payment options, Pay to Card offers enhanced speed, flexibility and convenience,” said David Kretz, head of Global Payments in Global Transaction Services at Bank of America.

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

Key benefits include:

  • Enhanced digitization: enables more digital B2C payment methods to reduce check volumes and the associated manual processes.
  • Speed
  • Greater certainty for cross-border payment: 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. Corporates can send digital payments without needing to store a beneficiary’s bank account and routing details.
  • Consistent global requirements

“The ubiquity of e-commerce today has fueled a huge demand for companies to make B2C payments domestically and cross-border. Pay to Card could bring substantial efficiencies to our clients while improving their own customers’ experience,” said Fernando Iraola, co-head of Global Corporate Sales, GTS, and head of Latin America GTS at Bank of America.

Established in 1998, The Bank of America is a leading financial institution, serving individuals, 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.

Previous Article

June 14, 2021

SHUAA to launch next-generation Digital Wealth platform

Read More
Next Article

June 14, 2021

Nets and Nordea extend partnership in Finland and Denmark

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

America

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

4 BNPL platforms providing financial freedom to consumers in MENA

Read More

Today

Paytm & Axis Bank to offer POS solutions to merchants

Read More

Today

Klarna integrates Sofort payment service with Klarna Payments

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024