Bank of America Merrill Lynch has launched Digital Disbursements for corporates, enabling companies to make payments to their customers digitally, eliminating the need to issue a cheque.
The payments are directly routed to the bank account of the individual payee’s choosing, using either a mobile phone number or email address as the identifier.
The solution leverages the technology behind person-to-person payments, a capability currently available to individual customers of Bank of America’s consumer business.
“Digital Disbursements is an example of true partnership and our commitment to collaborate across our businesses to deliver the best solutions for our clients based on their needs,” said Bill Pappas of Bank of America.
“By leveraging proven technology, we were able to develop an innovative solution for our corporate clients which speeds the payment process from several days to only a few minutes.”
Digital Disbursements will initially be introduced to clients making payments in the US. Bank of America expects to extend the service to other regions in the future.
