Pay to Card is expected to process payments to around 170 countries in over 120 currencies
Bank of America is adding a new payment solution to its suite of B2C payment capabilities.
The Pay to Card 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.
According to the press release, for domestic payouts, funds are typically available within 5 minutes, while applicable cross-border payouts are often available within 30 minutes.
The major features of Pay to Card payments include:
- Enhanced digitization. Clients want more digital B2C payment methods to reduce check volumes and the associated manual processes.
- Greater certainty for cross-border payments. The bank can determine whether a beneficiary is eligible for a payment on the same day of payment instruction receipt, 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 tokenization. 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.
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