“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.”

“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.”

“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.”

“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.”

“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.”

“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.”

“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%.”

“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.”

“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.”

“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.”