Bank of America Merrill Lynch has entered into a strategic relationship with digital payment firm ModoPayments that will give the bank access to emerging payments networks globally.
Through the hub, Bank of America Merrill Lynch clients will also get access to Modo’s patented COIN Operated Digital Payments Hub.
Additionally, the collaboration is expected to allow Bank of America Merrill Lynch to rapidly explore additional areas of innovation in transaction services.
Furthermore, the relationship will expand the reach of the bank’s existing digital business-to-consumer offering, Digital Disbursements.
Bank of America Merrill Lynch head of global transaction services Ather Williams said: “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. This strategic relationship signals our commitment to bring leading-edge payment solutions to our clients around the world.”
Modo founder and CEO Bruce Parker said: “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.”