Modo deal allows BofAML to access digital payment networks

Bank of America Merrill Lynch clients now have the ability to connect with multiple emerging payment networks, thanks to a ModoPayments link-up. Gaining access to the Payments Hub also extends the reach of the bank’s existing digital business-to-consumer (B2C) ‘Digital Disbursements’ offering.

“We’re excited to be working with Modo on a truly differentiated offering that will help provide a gateway for clients to reach their increasingly dispersed consumer and employee population with a diversity of payment options,” said Ather Williams, head of Global Transaction Services at Bank of America Merrill Lynch. “This strategic relationship signals our commitment to bring leading-edge payment solutions to our clients around the world.”

Since it was introduced two years ago, many companies have adopted BofAML’s ‘Digital Disbursements’ solution in response to customer and employee demands for more flexibility and timeliness in receiving payments. With access to Modo’s COIN Operated Digital Payments Hub, companies should be able to reach new populations around the world in a cost-effective manner, which is an increasingly critical consideration as commerce crosses borders and the ‘gig economy’ (temporary or freelance workers) continues to grow. Additionally, collaborating with Modo will allow BofAML to rapidly explore additional areas of innovation in transaction services.

“We are delighted that Bank of America Merrill Lynch chose Modo to help connect their clients to dozens of digital payments networks,” said Bruce Parker, founder and CEO at Modo. “Bank of America Merrill Lynch is a recognized leader in bringing new payment innovations to market, leveraging their world-class infrastructure and powerful scale. We look forward to working with them in the coming years to introduce new innovations that will further advance global payments and global commerce.”

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