Fintech: Southeast News

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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.

{mprestriction ids="1,4,9"}“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.”


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