BofA boosts B2C payments with Recipient Select

Wednesday 13 October 2021 14:40 CET | News

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.

Recipient Select is a digital portal experience for both domestic US 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.

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 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.

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Categories: Banking & Fintech | Online & Mobile Banking
Countries: United States
This article is part of category

Banking & Fintech