Digital disbursements plug gaps left by Covid-19 relief effort
Bank of America has seen mandates increase in the last month as digital solutions become increasingly important to overcome isolation and social-distancing rules.
The global lockdown has forced millions of people to stay at home. Local shops, restaurants and bars are all under extreme financial stress as foot fall has collapsed and the realization dawns that it may not recover swiftly even as restrictions start to lift.
So, business is innovating – with the help of banking partners.
"We have a client in the UK, which has a number of franchise operations in the bar and pub space," says Matthew Davies, head of GTS EMEA and global co-head of corporates sales, GTS at Bank of America.
"Overnight, their entire business completely shut down and its franchises were unable to pay staff. While the owner doesn’t have direct responsibility to the franchisee staff, he still wanted to make sure that they received some pay, given the troubling situation."
In these types of situations, Bank of America can deploy advanced digital disbursement technology to enable the business owner to transfer money directly to the accounts of workers across the franchise.