3/9/2023 0 Comments Bank of america onlineThe bank serves approximately 67 million consumer and small business clients with approximately 4,000 retail financial centres, around 16,000 ATMs, and 55 million verified digital users. Pay by Bank euro currency payments will initially be available in France, Germany, and Spain and will continue in 2023 with the addition of new countries and currencies.īank of America is a financial institution serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. Helps customers avoid card processing fees. Leverages the customer’s bank authentication network Provides an enhanced customer experience with a customisable user interface Ĭonnects to a company’s existing payment system using APIs Streamlines reconciliation, where incoming payments are added to a company’s receivables, so they can view everything in one place Reduces customer data storage since a card is not required and it is an online ‘account-to-account’ payment They are happy to expand Pay by Bank for euro currency payments and continue to offer consumers more choice with how payments can be made online. Representatives from Bank of America explained that their merchant services clients annually process 8.7 billion transactions (USD 438.3 billion by volume) online and in store, in the US, Canada, and Europe. This creates a simple, fast, and secure online checkout process that benefits consumers as well as merchants. Pay by Bank transactions, which are based on the concept of Open Banking, take place in real-time and require no credit or debit card details. Its checking accounts, both interest bearing and non-interest bearing, feature online banking, mobile banking, debit cards, and available overdraft protection. This expansion illustrates how Bank of America is focused on delivering relevant C2B tools to help give its clients a competitive edge. This development follows the UK launch of Pay by Bank in February 2022 and allows customers of ecommerce companies to pay directly from their bank account.
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