Due to this agreement, the subsidiary of Bank of America becomes the first non-Chinese bank to offer this end-to-end solution via multiple collection channels in China.
The bank can now provide clients in China an integrated solution that streamlines the process of payments collection and reconciliation. The collection channel covers a wide range of virtual wallets, in addition to cards supported by China UnionPay nationwide. Users need to set up one account with the US bank to have access to a single point of support to manage funds coming through their online and physical payments channels.
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