Consumers are increasingly demanding to be paid into the account of their choosing, which, these days, is not necessarily an ordinary bank account. Not only this, they also expect a faster and streamlined experience. This is a growing problem worldwide.
This month BofA has launched, Recipient Select service. A digital portal for both domestic U.S. and global payouts to more than 140 countries. They claim that the solution is optimal for companies that 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 service
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Payment methods supported
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.
Fernando Iraola, co-head of Global Corporate Sales GTS and head of GTS Latin America in GTS at Bank of America, said, “Bank of America processes trillions of dollars in payments every day. We’re keenly aware of the vital role that the payment experience has in building trust and goodwill between counterparties. Recipient Select is a powerful tool for companies. looking to deepen their relationships with customers.”
Future enhancements will include the addition of new payout methods.
CTMfile take: Companies have been crying out for such a service for years. No longer will they have to join all/some of the growing number of payment services to pay their customers (and employees). Instead, all they need to do is to sign up for the Recipient Select service.
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