Bank of America has launched a new solution, which enables companies with frequent payments to consumers to provide their beneficiaries with the ability to choose how they want to be paid. Called Recipient Select, the solution addresses complexities that companies grapple with related to the growth of business-to-consumer payments, including the proliferation of consumer payment options and increasing expectations for faster and streamlined user experiences.
“Technology has brought tremendous diversity in payments, particularly in our personal lives where our expectations for speed and convenience grow every day,” said Derrick Walton, head of Emerging Payments in Global Transaction Services (GTS) at Bank of America. “Our corporate clients are facing pressure to address their beneficiaries’ payment preferences and with Recipient Select, we’re arming them with a tool that can perform that function and give them a competitive edge.”
Launched this month, Recipient Select is a digital portal experience for both domestic U.S. and global payouts to more than 140 countries. The solution is optimal for companies which make a high volume of payments to consumers and want to:
- Offer their customers a more seamless experience,
- Avoid collecting and storing customer payment information, and
- Reduce errors and returns through upfront validation of customer data.
“Bank of America processes trillions of dollars in payments every day. We’re keenly aware of the vital role that the payment experience has on building trust and goodwill between counterparties,” said Fernando Iraola, co-head of Global Corporate Sales GTS and head of GTS Latin America in GTS at Bank of America. “Recipient Select is a powerful tool for companies looking to deepen their relationships with customers.”
Recipient Select currently supports six payment methods for payments to U.S. consumers, including options such as Zelle®, PayPal, ACH, and Check. For payments to consumers outside the U.S., recipients can choose to receive their funds via PayPal, cross-currency ACH or cross-border wire. Future enhancements will include the addition of new payout methods.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
“Bank of America” is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2021 Bank of America Corporation. All rights reserved.