Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted June 14, 2021

 

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.


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