Bank of America has declared its new service, which allows firms with regular transactions to clients to deliver their beneficiaries with the choice to opt how they want to receive payments. The service is dubbed Recipient Select. It tends to the complexities that firms struggle with related to the progress of the business-to-client transactions, inclusive of the propagation of client payment options and surging expectations for agile and efficient user experiences.
Head of Emerging Payments in Global Transaction Services (GTS) at Bank of America, Derrick Walton, indicated how much technology has allowed variety in transaction processes, especially in every individual’s personal life. Walton indicated that corporate customers of the Bank of America deal with pressure to tend to their beneficiaries’ transaction preferences. Recipient Select will provide them with an instrument that can deliver that role and facilitate competitive power.
Bank of America’s Recipient Select
The Recipient Select was launched in early October 2021. It is a digital platform experience for the domestic United States of America and worldwide payout to over 140 countries. The result is ideal for firms that facilitate high-volume transactions to clients and who want to deliver a more efficient experience to their consumers. The Recipient Select will also avoid the collection and storage of the consumer’s payment particulars. The feature will also allow a recession of errors and returns via straightforward authentication of client data.
The head of GTS Latin America and co-head of Global Corporate Sales GTS at Bank of America, Fernando Iraola, stated that the Bank of America progresses trillions of dollars in transactions daily. He said that the bank is aware of its significant role in the transaction experience, which allows it to build trust and goodwill between firms and its clients. Iraola stated that the Recipient Select is a commanding tool for firms looking to enrich their relationships with their clients.
Presently, the Recipient Select underpins 6 payment methods for transactions to American consumers. These options are inclusive of – PayPal, Zelle, Check, and ACH.