Bank of America is bringing its Global Digital Disbursements technology to Canada via the country's popular Interac e-Transfer system.
The Global Digital Disbursements alias solution is being made available to BofA's commercial clients holding deposit accounts at the bank’s branch in Canada.
The system facilitates the processing of multiple B2C payments and C2B collections where the identifier is the person’s email address or mobile phone number. In Canada this will be done via Interac e-Transfer. In the US, it is done via Zelle, while PayPal is used in 90 other countries.
Canada will be the first market where the “Request for Pay” feature will also be available with Global Digital Disbursements, letting a company send invoices to customers via text or email along with a link to pay the amount.
Leslie Konecny, head of product, Global Transaction Services, Canada, BofA, says: “This is a milestone for Bank of America in Canada, as we continue to meet the evolving digital needs of our multinational clients, providing them with enhanced speed, flexibility and transparency to manage their payment and receipt flows.”