Bank of America has entered into a strategic partnership with digital payments firm ModoPayments that will give the bank access to Modo's digital payments hub.
The Dallas-based firm's payments hub, known as COIN, is designed to power digital payments from any two sources without either party having to modify their payments systems, according to a press release issued by B of A on Thursday. The bank's clients will have the ability to use the payments hub to connect with multiple emerging payment networks in order to reach new populations around the world "in a cost-effective manner, an increasingly critical consideration as commerce crosses borders and the 'gig economy'…continues to grow."
The bank add that the partnership could serve as a way to explore additional areas of innovation in transaction services and extend the reach its Digital Disbursements product, which facilitates business-to-consumer 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 B of A, in a press release. "This strategic relationship signals our commitment to bring leading-edge payment solutions to our clients around the world."