Bank of America Merrill Lynch has announced a collaboration with PayPal that will enable the bank’s US commercial customers to make payments in local currencies to payees with PayPal accounts.
The payments, which are initiated through the bank’s global Digital Disbursements service, can be made from the US to PayPal account holders in Mexico, France, Germany, Italy, the UK and the Philippines.
Bank of America Merrill Lynch customers will be able to use a payee’s email address to disburse funds through PayPal, removing the need for the payer to gather and store an individual’s bank account information.
In 2014, the bank launched its Digital Disbursements programme, becoming the first financial institution in the US to offer interbank business-to-consumer payments that use an email address or mobile phone number as an identifier.
Hubert Jolly, global head of financing and channels for global transaction services at Bank of America Merrill Lynch, commented: “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.
“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.”
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