The payments, which are initiated through BofA Merrill’s Global Digital Disbursements product, can be made from the US to PayPal account holders in Mexico, France, Germany, Italy, the UK, and the Philippines.
Hubert Jolly, global head of financing and channels for Global Transaction Services (GTS) at BofA Merrill, says: “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.”
An alternative to traditional wire, ACH, or cheque payments, Jolly says the service has a multitude of applications, from firms paying gig economy workers to universities that disburse stipends to students.
The new service follows on from an August 2017 collaboration which enabled Bank of America retail customers to transact with PayPal in stores and seamlessly link their credit and debit cards to their PayPal accounts.
