Bank of America offers new feature to let ecommerce customers pay from bank account

Bruce Bennett/Getty Images News Bank of America (NYSE: BAC ) on Monday launched “Pay by Bank” to allow ecommerce customers to pay directly from their bank account.

Introduced in conjunction with Banked Ltd., this new payment solution makes online checkout a simpler process since it does not require credit or debit card details, the bank said.

The feature is currently available in the United Kingdom, the bank noted. Subsequent roll-outs will occur in other countries and regions in the near future.

In mid-January, BofA launched a new way for businesses to manage cash .

How is this different from Zelle which is utilized by Chase it appears to be same style payments eliminating credit card usage including fees & credits gained by buyer/ seller! Will corporate accounts refuse utilize credit cards demand cash transactions direct from bank accounts eliminating float? Zelle has no fees however payments are instant transactions from purchasers bank account!


Finally getting to the current year it seems.
I’m honestly amazed that US banks are so far behind in payment technology relying so heavily on cards.Instant from-bank payments are pretty the norm here in the Netherlands and have been for something like 10+ years.
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