On Thursday, Bank of America Merrill Lynch announced it formed a new strategic relationship with ModoPayments, LLC (Modo), a digital payment company. The new relationship will notably give the bank access to Modo’s patented COIN Operating Digital Payments Hub.
According to the companies, Bank of America Merrill Lynch clients will have the ability to connect with multiple emerging payment networks through Modo’s hub. Ather Williams, head of Global Transaction Services at Bank of America Merrill Lynch, shared:
“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.”
The Modo collaboration will also allow Bank of America Merrill Lynch to rapidly explore additional areas of innovation in transaction services. Bruce Parker, founder and CEO at Modo, added:
“We are delighted that Bank of America Merrill Lynch chose Modo to help connect their clients to dozens of digital payments networks. 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.”