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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.

January 10, 2023

On the wires

BofA Data Finds that 2022 was a Solid Year for Consumer Spending, But the New Year Brings New Challenges

PR Newswire

"Bank of America Institute released new analysis today which shows that, while 2022 was a solid year for consumer spending, the New Year brings with it cross-currents for U.S. consumers, including a potentially weaker job market and easing inflation pressures in 2023. Although January and February are typically lighter months, New Year resolutions to get healthy may provide some support for spending. BofA aggregated credit and debit card data indicates 2022 was a strong year for consumer spending, with total card spending per household up 5.9% year-over-year (YoY)."

December 8, 2022

On the wires

BofA Data Finds Consumers Proved Resilient in 2022 and Poised to Start 2023 in Decent Financial Shape

PR Newswire

“Bank of America Institute released a new publication today which shows that the American consumer continues to remain in good shape throughout the course of 2022 and is starting 2023 similarly. Median household savings and checking balances remain well above pre-pandemic 2019 levels across all income cohorts. While there are increasing signs that these “buffers” are being drawn upon – likely due to high inflation and rising housing costs – they should be available for some time yet. Most consumers across the income distribution are not spending more on credit relative to debit cards compared to 2019 levels. Only those with incomes above $100k appear to be spending relatively more on credit cards, though this is likely a function of increased spending instead of accumulation of higher credit card debt.”

November 14, 2022

On the web

BofA Data Finds Overall Consumer Spending Continued to Grow in October though at a Slower Pace than Prior Months

Bank of America

“Bank of America Institute released a new publication which shows that discretionary consumer spending per household continued to increase in October, up 2.9% year over year (YoY) but down from 3.2% in September, according to Bank of America (BofA) internal data. Middle- and higher- income households ($50-125k and >$125k, respectively) have replaced lower-income households as the main driver for growth in discretionary spending. In October, the lower-income group contributed just one-fifth of the growth in discretionary spending, compared with approximately two-fifths in October of 2021. This is likely due to lower-income groups being the most negatively impacted by surging prices.”

October 26, 2022

On the web

Bank of America Intelligent Receivables™ Upgraded With AR Forecasting Capabilities And Enhanced Reporting

Bank of America

“Bank of America today announced that it has enhanced its accounts receivables matching solution Bank of America Intelligent Receivables™ with additional reporting and new forecasting capabilities, providing clients with insights based on historical trends and their customers’ behaviors. The bank also announced that it has completed the global roll out of Intelligent Receivables with the product’s launch in Brazil. Intelligent Receivables uses artificial intelligence (AI) and advanced data capture technology to bring together payment information and associated remittance detail from various payment channels, whether electronic or paper based. With its ability to grab data from multiple sources (including emails and attachments), Intelligent Receivables will seek to match payments to outstanding invoices and thereby help to meaningfully reduce the costs normally associated with manual processing while speeding up the posting of revenue.”

October 11, 2022

On the web

Bank of America Expands Its CashPro® Payment API Capability to Over 350 Payment Types

PR Newswire

“Bank of America today announced the launch of an expanded CashPro Payment API through which clients can access more than 350 payment types and bundle payments. The development comes as Application Programming Interfaces (APIs) continue to transform business-to-business (B2B) and business-to-consumer (B2C) transactions given the ability of APIs to provide real-time data, reduce costs and improve operational efficiencies. The breadth of capabilities of the enhanced CashPro Payment API spans: More than 350 payment types in 38 markets globally; 7 real-time payments schemes and services such as Zelle in the U.S. and Pix in Brazil; Domestic and cross-border wires; Domestic ACH; Local payment instruments such as Brazil Boletos; Ability to execute payments in bundles, helping clients avoid or reduce backlogs in payment queues.”

October 10, 2022

On the web

Bank of America and UK Fintech, Banked Ltd Expand Pay by Bank to Euro Currency Payments

PR Newswire

“Bank of America’s innovative online payment solution, Pay by Bank, is now available for euro currency payments. Delivered in conjunction with Banked Ltd., this development follows the UK launch of Pay by Bank in February this year and allows customers of e-commerce companies to pay directly from their bank account. This expansion illustrates how Bank of America is focused on delivering relevant C2B tools to help give its clients a competitive edge…Pay by Bank transactions, which are based on the concept of Open Banking, take place in real-time and require no credit or debit card details. This creates a simple, fast and secure online checkout process that benefits consumers as well as merchants.”

September 28, 2022

On the web

Bank of America’s CashPro® Modernizes the Sign-In Experience With Biometrics

Bank of America

“Bank of America announced the launch of QR sign-in for CashPro, a development that makes it easier for companies to access their payments, cash management and trade finance operations. The bank’s 500,000 CashPro users now have the option to sign into the website using their mobile device by scanning a QR code and their biometrics via the CashPro App, replacing the need to manually enter password credentials…Mobile authentication is a natural extension of the ubiquitous worldwide adoption of mobile devices and the increasing comfort clients have in using them for business purposes. QR sign-in is powered by patented technology that allows a mobile device to be used as a method for computer authentication. It is the first of a series of enhancements for CashPro aimed at reducing the reliance on traditional forms of user credentials and making the user experience simpler and more secure.”

July 20, 2022

On the web

Zelle Volumes Climb Quickly for BofA, Surpassing Checks for the First Time

Digital Transactions

“Five years after its launch, the Zelle person-to-person payments service continues to boost payment volumes for one of its founders, Bank of America Corp. BofA reported Monday that its second-quarter P2P Zelle transaction volume hit 239 million, up 26% from 189 million payments a year earlier. The value of the sent and received payments through email or mobile-phone identification was $73 billion, a 29% year-over-year increase. The Charlotte, N.C.-based banking giant says it now has 17 million active Zelle users versus 14.3 million a year ago, up nearly 19%.”

May 31, 2022

On the web

Bank of America Has No Plans to Offer Crypto Services

CryptoPotato

“Brian T. Moynihan – the CEO of Bank of America – recently confirmed that the company will not be offering crypto-related services in the near future. Though he acknowledged the importance of digital payments in today’s economy, he claimed that regulatory roadblocks prevent the bank from foraying deeper into the industry. Speaking with Yahoo Finance at the World Economic Forum on Saturday, Moynihan was asked about what Bank of America “may or may not” do with cryptocurrencies going forwards. “We can’t do it,” the CEO replied. “By regulation, we’re not really allowed to engage.” Regulatory challenges have become a running theme for the US crypto industry. Whether due to concerns around the issuance of a given token (ex. Ripple) or the lending practices of certain platforms (ex. Coinbase), blockchain businesses everywhere remain leery of when the Securities and Exchange Commission (SEC) may strike next.”

October 25, 2019

On the wires

Bank of America Unveils Redesigned Mobile Banking App

“Bank of America today announced the launch of its newly designed, award-winning mobile banking app that will provide a more seamless and streamlined experience for its approximately 29 million mobile clients. The sleek, modern design makes it even easier to navigate all of Bank of America’s robust mobile banking features. The latest version of the app also includes enhancements to Erica® , the bank’s AI-driven virtual financial assistant, designed to help clients better manage their finances.”

July 31, 2019

On the web

BofA to End Payments Joint Venture With First Data Next June

bloomberg

Bank of America Corp. said it will end a payments joint venture with First Data Corp. next June when a contract between the two companies expires.    The firms will continue to provide delivery of products and services for existing clients through at least June 2023, but will otherwise pursue independent merchant-services strategies next year, Charlotte, North Carolina-based Bank of America said in a statement . The bank said in a filing it expects to take a charge of about $1.7 billion to $2.1 billion in the third quarter related to the planned exit, which won’t affect its capital plan.”

May 14, 2019

On the wires

Bank of America : Merrill Lynch Announces Apple Watch App to Be Integrated Into CashPro®

“Companies use the CashPro platform to manage their everyday treasury and lending needs. CashPro has more than 487,000 active users among the bank’s corporate, commercial, and business banking clients. The CashPro Mobile app’s popularity continues to grow. In the first quarter of 2019, clients used the app to approve more than 300,000 payments, representing over $30 billion in value, a jump of 904 percent from the same period in 2018.”

October 31, 2018

On the web

Eye on Restaurants: BAMS Caters to Full-Service Restaurants; CardFree Launches Pay-At-Table

Digital Transactions News

“Payments provider Bank of America Merchant Services announced it and talech, developer of a cloud-based point-of-sale system that uses Apple Inc. iPads, are going after full-service restaurant and bar owners. Announced Tuesday, the deal will see BAMS, which is a merchant-acquiring alliance between First Data Corp. and Bank of America Corp., sell talech systems to its merchants.”

July 23, 2018

On the wires

BofA Merrill Launches Mobile App For Commercial Prepaid Card

Bank of America

“Bank of America Merrill Lynch, a leader in Global Commercial Card solutions, today announced that it has launched a mobile application for cardholders of prepaid cards. The app launch demonstrates the bank’s commitment to making the lives of our clients and their cardholders easier by bringing new, digital capabilities to corporate and government clients and to their customers or beneficiaries…The app is designed for cardholders who receive a reloadable prepaid card from an employer, government agency or entity with whom they do business.”

July 17, 2018

Top Post

BofA Trumpets Success With Erica, Zelle

Mobile Payments Today

“Bank of America has announced that Erica, its artificial intelligence-driven virtual financial assistant, now has more than 2 million users. According to a press release, this is more than double the number of customers using the technology less than a month ago. And that’s not BofA’s only recent mobile milestone: The number active users of the Zelle person-to-person payment feature in the bank’s mobile app is now approaching 4 million.”

May 18, 2018

On the wires

Bank of America Delivers First Widely Available AI–Driven Virtual Financial Assistant

“Bank of America is rolling out the first widely available AI-driven virtual assistant of its kind in financial services, Erica, to its 25 million mobile clients. This latest innovation reflects the bank’s continued investment in digital capabilities as part of its high-tech, high-touch client experience, including the Digital Mortgage Experience, mobile car shopping tool, Merrill Edge Guided Investing, and Business Advantage.”

February 16, 2018

On the web

Amazon teams with Bank of America for lendtech leap

Banking Technology

“Amazon Lending is invitation-only and makes loans of $1,000 to $750,000, with terms of up to a year, for firms that may find it difficult getting traditional business loans. Quite a common ploy in the fintech world. In June 2017, Amazon said it issued more than $1 billion in loans during the previous 12-month period, compared to $1.5 billion in combined loans for the four years prior to that.”