Bank of America Launches New B2C Payment Solution “Recipient Select”

Bank of America​ has launched "Recipient Select", a new B2C payment solution, which enables companies with frequent payments to consumers to provide their beneficiaries with the ability to choose how they want to be paid.

Recipient Select 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."

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.