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A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
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October 10, 2025
On the web
Consumer Checkpoint: The Tale of Two Wallets
Bank of America Institute
Consumer spending has risen, but the gap between lower- and higher-income households remains pronounced. Total credit and debit card spending per household increased 2.0% year-over-year (YoY) in September, compared to 1.7% YoY in August, according to Bank of America aggregated card data.
September 30, 2025
On the web
BofA’s New GenAI Assistant Transforms Global Payments Solutions [Video]
Bank of America
"Bank of America is using generative AI to transform how its Global Payments Solutions (“GPS”) team serves the company’s more than 40,000 business clients worldwide. The newly launched Ask Global Payments Solutions (“AskGPS”) was built in-house and trained on over 3,200 internal documents and presentations – including product guides, term sheets, and FAQs. Through AskGPS, employees can now pose simple to complex client questions and receive answers within seconds."
August 14, 2025
On the web
Buy Now, Return Later: Retailers Pay for Customer Loyalty
Bank of America Institute
"Consumers want the flexibility to return products, but this is costly for retailers. A 2024 National Retail Federation (NRF) survey of large U.S. retailers put the total cost at $890 billion, with the return rate in 2024 more than double that in 2019. Bank of America credit and debit card data also suggests still-high rates of return across retailers of all sizes, at 4.5% in 2025 year to date (YTD)."
August 4, 2025
On the web
How Bank of America’s Deepening Ripple Partnership Transforms Payments
CryptoRank
"In a milestone that marks the growing fusion of traditional finance and blockchain technology, Bank of America has extended its partnership with Ripple by integrating Ripple's RLUSD stablecoin within its internal payments workflow. The development is not just a milestone for Ripple (XRP) but also a watershed transformation in how major financial institutions are adopting digital assets and stablecoins as legitimate payment instruments."
July 30, 2025
On the web
Confronted with Higher Living Costs, 72% of Young Adults Take Action to Improve their Financial Health, Finds BofA Better Money Habits Study
Bank of America
"Gen Z (ages 18-28) is finding adulthood more expensive than expected. Facing this, nearly three quarters of them are taking action to improve their financial health, according to Bank of America’s 2025 Better Money Habits® financial education study. Key findings from the study include: Nearly two-thirds (64%) focused on reducing expenses – 41% cut back on dining out and 23% shopped at more affordable grocery stores."
July 24, 2025
On the web
Add to cart: Online Shopping Surges
Bank of America Institute
"Online retail spending growth has outpaced total services spending for the last several months, according to Bank of America's aggregated credit and debit card spending. Seasonal promotions and discounts appear to continue to draw consumers in, with spending during online promotions stronger than in previous years. Though brick-and-mortar retail spending is generally boosted by these promotional periods as well, online shopping seems to be the preferred form of retail therapy. Why? One contributing factor could be an increased use of buy now, pay later (BNPL)."
July 11, 2025
On the web
How Bank of America Cracked the Code on AI Adoption by Making Erica Indispensable to Both Customers and Employees
Tearsheet
"Bank of America transformed its customer chatbot Erica into an employee productivity powerhouse, achieving 50% IT service desk automation by strategically targeting common pain points and building adoption incrementally over five years."
June 10, 2025
Top Post
BofA Clients Embrace New $10 Million Limit in U.S. Real-Time Payments
Bank of America
"Recent action from The Clearing House to increase the transaction limit on real-time payments from $1 million to $10 million is fueling new use cases in business-to-business payments among Bank of America clients. The bank is one of the first financial institutions to enable its corporate customers to send payments up to the new transaction limit."
April 18, 2025
On the web
Gen Z: A New Economic Force
Bank of America Institute
"Despite strong wage growth, high cost of living is weighing on Gen Z, prompting them to spend twice as much as they are saving. Spending growth on necessary and discretionary items among Gen Z has been faster than the overall population, according to Bank of America credit and debit card data. While their bank deposit balances provide a buffer, Gen Z spending was nearly twice as much as they had in savings, possibly as the high cost of living exerts financial pressure."
April 8, 2025
On the web
AI Adoption by BofA’s Global Workforce Improves Productivity, Client Service
Bank of America
"Bank of America uses innovative technology to meet and anticipate the needs of its clients and 213,000 employees. For many years, this commitment has carried through in its approach to AI and machine learning. The technology is embedded today across the company’s business lines and areas including global technology, operations, and training."
April 1, 2025
On the web
The Story of Erica, Bank of America’s Homegrown Digital Assistant
Tearsheet
"Sometimes a bank chooses to build a feature that sets the tone for the industry. Today's story is a case study into such a case, where Bank of America's Hari GopalKrishnan dives into how the bank developed its digital assistant and how its role has expanded over the years."
February 28, 2025
On the web
Bank of America Plans To Launch Stablecoin Once U.S. Legislation is Passed, CEO Says
Yahoo Finance
"Bank of America (BoA) CEO Brian Moynihan confirmed this week that the company is ready to enter the stablecoin market once U.S. lawmakers provide regulatory approval. Speaking at the Economic Club of Washington, D.C., Moynihan said, “If they make that legal, we will go into that business.” He compared stablecoins to money market funds or traditional bank accounts, emphasizing their potential role in financial transactions."
February 25, 2025
On the wires
Digital Interactions by BofA Clients Surge to Over 26 Billion, up 12% Year-Over-Year
PR Newswire
"Digital interactions by Bank of America clients grew 12% last year, reaching an all-time record 26 billion interactions through a combination of digital logins and proactive alerts. Innovative digital capabilities are enhancing experiences for the company's more than 58 million verified digital clients and helping to drive business growth."
December 12, 2024
On the wires
Paze Checkout Solution Makes Online Shopping Fast and Streamlined for BofA Clients This Holiday Season
PR Newswire
"In time for the holiday season, all eligible Bank of America credit and debit cards are now enabled with PazeSM, a fast and streamlined online checkout solution. Paze includes card tokenization, so that a cardholder's 16-digit credit or debit card number is not shared with participating online merchants."
December 11, 2024
On the web
BofA’s CashPro® App Will Surpass a Record $1 Trillion in Payment Approvals for the Year
Bank of America
"By the end of 2024, Bank of America corporate clients will have made over $1 Trillion in payment approvals on the bank’s CashPro App, the mobile application that companies use to manage their treasury operations. This will represent a more than 25% year-over-year increase in payments approved via the app, illustrating that clients are further utilizing the technology for its enhanced security and convenience."
October 23, 2024
On the web
AI Patents at BofA Increase 94% Since 2022
Bank of America
"Bank of America's commitment to innovation has led to a 94% increase in artificial intelligence (AI) and machine learning (ML) granted patents and pending patent applications since 2022. Today, the company has nearly 1,100 AI and ML patents and pending applications in its portfolio, with more than half having already been granted."
October 8, 2024
On the web
Bank of America Expands Its Virtual Payables Capabilities in EMEA With Launch of Virtual Payables Direct
FX News Group
"Bank of America has expanded its Virtual Payables capabilities in EMEA1 with the launch of Virtual Payables Direct. The business-to-business (B2B) payment solution provides buyers with the usual working capital advantages of a card transaction – such as extended payment terms – in addition to a new enhancement that allows suppliers to be paid via a direct bank transfer."
July 16, 2024
On the web
Digital Payment Service Zelle Remains ‘Dominant’ Over Checks, Bank of America Says
MarketWatch
"Bank of America customers sent 244 million payments on Zelle in the second quarter, up from 197 million in the year-earlier period. Checks written in the second quarter fell to 100 million from 111 million in the second quarter of 2023."
July 15, 2024
On the wires
BofA Unveils Intelligent Transaction Search on CashPro®
PR News Wire
"Bank of America unveiled a powerful transaction search engine with integrated investigation capabilities on CashPro."
May 2, 2024
On the wires
BofA Survey: Majority of Small and Mid-Sized Business Owners Anticipate Revenue Growth This Year
PR Newswire
"A majority of small and mid-sized business owners expect their revenues to increase this year, and their worries over a recession have declined substantially, according to the 2024 Bank of America Business Owner Report, conducted in partnership with Bank of America Institute."
March 21, 2024
On the wires
BofA Unifies Mobile Apps for Banking, Investing, and Retirement Into One Personalized Digital Experience
PR Newswire
"Bank of America has launched a massive update to its mobile app, reimagining how clients interact with their finances. As digital engagement continues to soar, 57 million digital clients can now view and manage their full financial lives through a new, unified digital platform that consolidates five apps – Bank of America, Merrill Edge, MyMerrill, Bank of America Private Bank and Benefits OnLine – into one personalized experience."
February 15, 2024
On the web
Bank of America and Starbucks Launch Loyalty Partnership
PR Newswire
"Bank of America and Starbucks Coffee Company announced a new partnership that offers Bank of America cardholders and Starbucks Rewards® members in the U.S. the ability to earn even more benefits by linking accounts."
January 10, 2024
On the web
BofA Launches CashPro® Insights – Latest Digital Innovation for Treasury Management
Bank of America
"Bank of America announced the launch of CashPro Insights, a digital tool that analyzes information flowing through the CashPro platform."
November 15, 2023
On the wires
Bank of America Continues to Rank No. 1 for Online Banking Experience as Personalized PFM Trend Advances and RTP Surfaces
PR Newswire
"Keynova Group, announced the results of the Q4 2023 edition of its semi-annual Online Banker Scorecard with Bank of America once again ranks No. 1 with the highest Overall Score for its digital customer experience in Keynova Group's competitive evaluation of 18 leading U.S. retail banks."
October 16, 2023
On the web
Bank of America’s AI Assistant Erica Passes 1.5 Billion Interactions
Voicebot.ai
"Bank of America customers have interacted with its AI assistant Erica more than 1.5 billion times since its 2018 debut, according to the bank. The AI-powered chatbot responds to more than 56 million requests per month..."
September 19, 2023
On the wires
BofA Continues to Modernize Trade Finance with the Launch of CashPro® Supply Chain Solutions
PR Newswire
"As part of a multi-year effort to transform trade finance, Bank of America is launching CashPro Supply Chain Solutions, a platform that will offer participants in a supply chain the benefits of digitization with improved process efficiency and working capital optimization."
August 29, 2023
On the web
BofA Launches Global Digital Disbursements in Canada via Interac e-Transfer
Bank of America
"Bank of America is announcing the launch of its award-winning, alias solution, Global Digital Disbursements to its commercial clients holding deposit accounts at the bank’s branch in Canada...Canada is the first market where the “Request for Pay” feature will also be available with Global Digital Disbursements."
August 17, 2023
On the web
Bank of America Assesses Significance of Paypal's USD Stablecoin and Fednow System
Bitcoin News
"Bank of America has provided its analysis of Paypal’s U.S. dollar stablecoin and the Fednow payments system."
July 11, 2023
On the wires
Bank of America to Pay Over $250 Million Over Junk Fees, Other Issues
Reuters
"Bank of America on Tuesday agreed to pay $250 million in fines and compensation to settle claims the bank systematically double-charged customers fees, withheld promised credit card perks, and opened accounts without customer authorization."
January 23, 2023
On the web
Bank of America, JPMorgan and Other Banks Reportedly Team Up on Digital Wallet to Rival Apple Pay
CNBC
Several banks are reportedly working on a digital wallet that links with debit and credit cards to compete with Apple Pay and PayPal. According to the Wall Street Journal, the digital wallet would be operated by Early Warning Services, a joint venture from several banks that also runs Zelle. The major banks involved include Wells Fargo, JPMorgan Chase and Bank of America, according to the report.
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