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Bank of America Merchant Services, Money Network launch money network solution

Bank of America Merchant Services and Money Network, a First Data Company, have launched the Money Network Payroll Distribution Service.

The service, sponsored by Bank of America, reduces payroll fees and promotes safe bank services.

With the new service, the payroll process is streamlined through more than 17,750 Bank of America ATMs and 43,000 Allpoint Network surcharge-free ATMs and complete cash access at over 5,700 Bank of America banking centers.

Bank of America Merchant Services CEO Tom Bell said that this payroll program is transforming the payments landscape by streamlining administrative functions for employers, providing reliability and unparalleled convenience for employees and substantially reducing costs for both, nationwide.

First Data executive vice president of global product management and innovation Mark Herrington said that the Money Network Service helps reduce the expense burden for companies while enabling 100 percent electronic pay and payroll compliance in all 50 states.