Bank of America Corp (BofA) is giving businesses new ways to transfer money to their customers.
The new system, known as Recipient Select, allows consumers to choose among various options for receiving refunds, rebates and other payouts while increasing the speed and efficiency for transferring the funds, Bank of America said in a statement. The digital portal, launched this month, allows for both US payouts global transfers to more than 140 countries, the Charlotte, North Carolina-based company said.
“Our corporate clients are facing pressure to address their beneficiaries’ payment preferences,” Derrick Walton, head of emerging payments in global transaction services at the bank, said in the statement. “We’re arming them with a tool that can perform that function and give them a competitive edge.”
Technology has been a key area of focus for banks looking to improve payment services for commercial clients and individual customers, with the firms developing digital tools to ease sending and receiving funds. Citigroup Inc announced in April the expansion of payment options for institutional clients, allowing companies to send funds directly to a consumer-debit or prepaid-card accounts.
Recipient Select offers six payment methods to US consumers, including Zelle, PayPal, ACH and Check, according to a statement.
For payments to consumers outside the US, recipients can choose from PayPal, cross-currency ACH or cross-border wire, the bank said.