NEW YORK, Oct. 20, 2016 /PRNewswire/ -- 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 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."
About Modo
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.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
Reporters May Contact:
Louise Hennessy, Bank of America
Merrill Lynch, 1.646.858.6471
louise.hennessy@bankofamerica.com
ModoPayments
Lindy Nelson, ModoPayments,
1.214.238.4792
pr@modopayments.com
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SOURCE ModoPayments, LLC