Agreement Gives Bank Ability to Connect to Emerging Payments Networks Worldwide
Bank of America Merrill Lynch, a global leader in transaction services, and ModoPayments, LLC (Modo), an industry leader in digital payments innovation, today announced a strategic relationship that will give the bank access to Modo’s patented COIN® Operated Digital Payments Hub. Through the hub, Bank of America Merrill Lynch clients will have the ability to connect with multiple emerging payment networks. Furthermore, the new global capabilities can extend the reach of the bank’s existing digital business-to-consumer offering, Digital Disbursements.
“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 the bank’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 may be able to reach new populations around the world in a cost-effective manner, 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 Bank of America Merrill Lynch 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.”
ModoPayments, or just Modo to its friends, was founded in Dallas in 2010, and provides a COIN® operated Digital Payments Hub that connects new digital experiences to payments systems worldwide. Modo’s patented COIN® transaction takes monetary value from just about any source, and can deliver it to just about any destination, without requiring partners to modify their systems. Truly a ‘shipping container for global payments’, the Modo COIN® simplifies the complex world of payments in the digital era. To learn more about Modo, visit https://modopayments.com.
Bank of America
Bank of America is one of the world’s leading financial institutions, 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. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
See the press release here.