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