The system enables companies to make payments to their customers digitally, which eliminates the need to issue a check.
"Through [Digital Disbursements], customers don't have to wait for the check to come in the mail and there is no need for companies to maintain sensitive personal bank account information," said Ather Williams III, the head of Global Payments in Global Transaction Services at Bank of America.
Digital Disbursements was created to serve middle-market, large corporate and public sector clients. It uses existing technology for person-to-person (P2P) payments, a service Bank of America's consumer business currently offers through the company's partnership with clearXchange.
Separately, TheStreet Ratings team rates BANK OF AMERICA CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, notable return on equity and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."