Benzinga | Oct 12, 2021 04:24PM EDT

Bank of America Launches Recipient Select For Corporate Payments

* Bank of America Corp (NYSE:BAC) launched Recipient Select to help companies with frequent payments to consumers to offer their beneficiaries multiple payment options.

* The solution addresses complexities that companies grapple with related to the growth of business-to-consumer payments.

* Recipient Select currently supports six payment methods to U.S. consumers, including Zelle, PayPal Holdings Inc (NASDAQ:PYPL), ACH, and Check.

* Recipients can receive their funds via PayPal, cross-currency ACH, or cross-border wire for international consumer payments.

* Future enhancements will include the addition of new payout methods.

* Price Action: BAC shares closed lower by 0.55% at $43.54 on Tuesday.