Treasury Management Internation Logo

BofA Merrill launches global digital disbursements in collaboration with PayPal

Published 
  • U.S. Commercial Clients Can Now Disburse Funds in Other Currencies and Countries via PayPal

NEW YORK CITY – Bank of America Merrill Lynch has announced a collaboration with PayPal that will allow the bank’s U.S.-based commercial clients to make payments in local currencies to payees who hold PayPal accounts. The payments, which are initiated through BofA Merrill’s Global Digital Disbursements product, can be made from the U.S. to PayPal account holders in Mexico, France, Germany, Italy, the U.K., and the Philippines.

In 2014, BofA Merrill launched Digital Disbursements, becoming the first financial institution in the U.S. to offer interbank business-to-consumer (B2C) payments that use an email address or mobile phone number as an identifier. Today, it is the first financial institution in the U.S. to offer B2C payments through PayPal, using an email address as an identifier, effectively launching the global version of BofA Merrill’s Digital Disbursements product.

“We’re excited to add the PayPal payment option to our Digital Disbursements solution, and offer another way for clients to disburse funds quickly and efficiently across borders,” said Hubert J.P. Jolly, global head of financing and channels for Global Transaction Services (GTS) at BofA Merrill. “The agreement will help our clients access the growth in the use of digital wallets, which in many parts of the world are the preferred method of payment.”

Global Digital Disbursements is an alternative to traditional wire, ACH, or check payments. This product benefits a range of businesses:

  • Sharing economy business models, such as paying people who rent their homes.
  • Gig economy business models, to pay people who perform contract work.
  • Online marketplaces where proceeds need to be disbursed to online sellers.
  • Nonprofit organizations that need to disburse financial aid.
  • Insurance claim payments.
  • Higher education institutions that disburse stipends to students.

For the payment beneficiary, the advantages of Global Digital Disbursements include fast receipt of funds and increased convenience.

With today’s launch, BofA Merrill clients can now use a payee’s email address to disburse funds through PayPal, eliminating the need for the payer to gather and store an individual’s bank account information. 

 

Most recent episodes

HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...

25:12

HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...

16:24

The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...

33:16

HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....

20:58

Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...

34:25

HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...

25:48

Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...

28:21

Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...

16:54

Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...

23:55

Instant Payments: Instant Rewards

TMI’s Eleanor Hill sits down in the virtual TreasuryCast studio with J.P. Morgan’s Global Head of Real-Time Payments, Cyrus Bhathawalla, to discuss how treasurers can capitalise on the evolving nature of real-time payments. Our guest contemplates the elements...

23:55