Bank of America Merrill Lynch is integrating with digital payments technology provider ModoPayments so the bank's clients can access broader global payment networks.
The bank feels Modo's digital payments hub will help companies reach new global populations with cross-border payments, while also addressing payments in the growing "gig economy" of freelancers or temporary workers, a hot market for financial technology developers.
The Dallas-based Modo's Coin Operated Digital Payments Hub supports different digital payment options, and is designed to serve "an 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 an Oct. 20 press release.
In addition, the gateway will allow Bank of America to extend the reach of its digital business-to-consumer service Digital Disbursements.
Since it was introduced two years ago, many companies have adopted the Digital Disbursement services to respond to customer and employee demands for more flexibility and timeliness in receiving payments, Bank of America said.