New York – 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.