Bank of America is rolling out a new business-to-consumer payments portal that enables recipients of payouts to select their preferred method of payment.
Called Recipient Select, the service 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,” says 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.”
Recipient Select currently supports six payment methods for payments to US consumers, including options such as Zelle, PayPal, ACH, and Check. For payments to consumers overseas, recipients can choose to receive their funds via PayPal, cross-currency ACH or cross-border wire.
The bank says future enhancements will include the addition of new payout methods.
“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,” says Fernando Iraola, co-head of Global Corporate Sales GTS and head of GTS Latin America. “Recipient Select is a powerful tool for companies looking to deepen their relationships with customers.”