BofA Advances Global B2C Payments With "Recipient Select"

Rhea-AI Summary

Bank of America has launched Recipient Select, a new digital solution designed to enhance business-to-consumer payment experiences. This tool allows beneficiaries to customize their payment methods, addressing the growing demand for faster, user-friendly transactions. Available for both domestic and international payouts to over 140 countries, Recipient Select supports six payment methods for U.S. consumers, including Zelle® and PayPal. The initiative aims to streamline payment processes for companies, reduce errors, and foster stronger customer relationships.

Positive

• Launch of Recipient Select enhances user experience in business-to-consumer payments.
• Supports multiple payment options, aiding companies in meeting diverse consumer preferences.
• Available for payouts across over 140 countries, broadening service reach.
• Addresses challenges in managing consumer payment data, reducing errors.

Negative

• None.

NEW YORK, Oct. 12, 2021 /PRNewswire/ -- 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.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

 www.bankofamerica.com

Reporters May Contact:
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com

 

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SOURCE Bank of America Corporation

FAQ

What is Bank of America's Recipient Select?

Recipient Select is a new digital payment solution launched by Bank of America that enables beneficiaries to choose their payment method, enhancing user experience.

When was Recipient Select launched?

Recipient Select was launched in October 2021.

Which payment methods are supported by Recipient Select?

Recipient Select currently supports six payment methods for U.S. consumers, including Zelle®, PayPal, ACH, and Check.

In how many countries can Recipient Select be used?

Recipient Select can be used for payouts to over 140 countries.

What benefits does Recipient Select provide to companies?

It allows companies to streamline payments, reduce errors, and enhance customer relationships.