Bank of America has rolled out a new solution that allows businesses that often pay consumers to give their customers options on how to get paid, according to a Press release. The feature is called Recipient Selection.
The solution enables users to remove the friction associated with business-to-consumer (B2C) payments, which are growing in popularity among consumers who expect faster and easier experiences, the release said.
Selecting the recipient will work best for businesses that make a lot of payments to consumers. It will provide a “more seamless” experience and will not collect or store payment information. According to the release, it will also reduce errors through simple validation of customer data.
âTechnology has brought great diversity to payments, especially in our personal lives where our expectations for speed and convenience are increasing every day,â said Bank of America Head of Emerging Payments in Global Transaction Services (GTS) Derrick walton in the output. âOur corporate clients face pressure to meet the payment preferences of their recipients, and with Recipient Select, we are giving them a tool that can perform this function and give them a competitive advantage. “
During this time, Fernando Iraola, co-head of Global Corporate Sales GTS and head of GTS Latin America for Bank of America, said in the statement that the company, which provides “trillions of dollars in payments” daily, recognizes the importance of instituting trust through payments. .
The Select recipient will go a long way in strengthening relationships with customers, he said in the statement.
The Recipient Select program currently supports six payment methods for the United States, including options such as Zelle, PayPal, ACH and checks, according to the release. Payments to users outside of the United States can be made via PayPal, cross-currency ACH, or cross-border transfer. More payment options will be added later.
Earlier this month, Bank of America addressed trends in cryptocurrency and non-fungible tokens (NFTs), saying they are “too big to ignore.”
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