Bank of America Merrill Lynch, a player in transaction services, and ModoPayments, a digital payments company, announced Thursday (Oct. 20) a strategic relationship that will give the bank access to Modo’s patented COIN Operated Digital Payments Hub.
In a press release, the companies said, 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, in the press release. “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,” Bruce Parker, founder and CEO at Modo, added in the same press release. “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.”