Treasury Management Internation Logo

BofA Expands Its Digital B2C Payment Offerings with Pay to Card

Published 

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.

“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.”

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. 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

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

The key benefits of Pay to Card payments include:

  • Enhanced digitisation. Clients want more digital B2C payment methods to reduce check volumes and the associated manual processes.
  • Speed. Domestic payouts settle within 5 minutes and applicable cross-border payouts often settle within 30 minutes.
  • Greater certainty for cross-border payments. 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 tokenisation. Further, corporates can send digital payments without needing to store a beneficiary’s bank account and routing details.
  • Consistent global requirements. Debit cards have a standard number of digits, whereas bank account characteristics vary greatly from one country to another.

Pay to Card joins the bank’s suite of payments capabilities including Global Digital Disbursements and Cross-Currency ACH. More payment innovations are expected later this year.

Most recent episodes

Trends in RFPs and RFIs: What Treasurers Want

Eleanor Hill (TMI) invites Dick Oskam and Bert Van Drie (ING) into the TreasuryCast hotseat to find out what trends treasurers want to see emerge from the Request for Proposal (RFP) and Request for Information (RFI)...

33:16

Creating a Connected Financial Office

When data flows are connected, it’s so much easier to make quick and accurate decisions. This is the principle behind the notion of the connected financial office. In this podcast, Gareth Priest (Bottomline Technologies) provides informed advice on how...

18:34

Journeys to Treasury: Managing Changing Perspectives

For this special edition of TreasuryCast, we showcase the results of the Journeys to Treasury 2021-22 report. Here, Jan Dirk van Beusekom (BNP Paribas) and Christian Mnich (SAP) offer Eleanor Hill (TMI) an informed view...

33:03

Cybersecurity for Treasurers

Cybercrime and fraud is on the rise and new attack vectors are emerging with alarming frequency. In this podcast, Nicolas Trimbour (BNP Paribas) and Laurent Sarrat (Sis ID) provide an overview of the latest tools and best practices treasurers should be employing...

37:53

A New Treasury Ecosystem: Open Banking, APIs, and BaaS

For this special edition of TreasuryCast, Eleanor Hill invites Peter Claus-Landi (GE) and Jared Smith (HSBC) to cover how key API-centric developments are changing the treasury landscape. With APIs significantly...

18:02

Using Data as the Corner for Finance Transformation

Many organisations face challenges in managing spend, payments, and cash effectively due to siloed processes and datasets across multiple departments. In this podcast, Ulrika Haug (Coupa) and Kim Estes (The Knot...

29:20

Realising Treasury’s True Value – A Strategy for Change

Join John Meehan (Froneri) to hear how Froneri utilised a year of no acquisitions and no meetings to implement a total transformation project through implementation of a TMS, unlocking the true value of his corporate...

49:14

Lessons from Innospec on Building a Strong Cash Culture

Without ready access to the key metrics of cash forecasting, Andrew Hawes (Innospec) knew the business could do little more than react to events. But without the collaboration of key stakeholders too, he knew that...

35:08

How to Make Your TMS the Ultimate Investment Tool

The right TMS can be a huge asset to treasury. But these one-stop shops often fall short when it comes to short term investment workflows. In this podcast, Ed Lopez, James Griffin (Calastone), Jeannot Jonas (Carrier...

01:24:00