Post Tagged with: "Bank of America"

Blue Chip Banks Opt for R3 Over SWIFT

Blue Chip Banks Opt for R3 Over SWIFT

by January 21, 2016 at 11:28 am 0 comments

Banks with a combined market capitalization of nearly $600 billion have opted for the R3 CEV distributed ledger consortium over SWIFT’s global payment innovation initiative, introduced today. There are 45 banks in SWIFT’s initiative, which aims to make more payments data accessible to corporate treasury departments. But R3 has scored a totalRead More

Growth Slows for Mobile Banking Users at the Nation’s Largest Banks

Growth Slows for Mobile Banking Users at the Nation’s Largest Banks

by January 19, 2016 at 11:59 am 0 comments

The number of mobile banking users continues to climb at the nation’s largest banks, but the rate has declined from a year ago, a Bank Innovation analysis finds. JPMorgan Chase has claimed the largest number of users for more than two years now, and that lead continues to grow over BankRead More

Bank of America, MasterCard Tap Real-Time Email Interactions

Bank of America, MasterCard Tap Real-Time Email Interactions

by December 29, 2015 at 5:23 pm 1 comment

It’s not only mobile usage and transaction data that is of interest to financial institutions — they want to be able to interact with customers, even through the medium of email. A Cupertino, Calif.-based company called LiveClicker began offering real-time email interactions last summer and has so far netted at leastRead More

Top 20 Banking Video Ads of 2015

Top 20 Banking Video Ads of 2015

by December 17, 2015 at 12:34 pm 4 comments

Which banks made us laugh, or cry, or just think deeply this year? As Bank Innovation does annually, we rate the Top 20 banking video ads of the year. The videos here are unscientifically ranked according to our personal preferences (hey, no one ever said this was fair). Is your favorite videoRead More

Apple’s P2P Service Could Be a Play to Win Banks Over to TouchID

Apple’s P2P Service Could Be a Play to Win Banks Over to TouchID

by November 13, 2015 at 11:57 am 0 comments

Apple is doubling down on payments, but it may actually be about authentication. The Cupertino, Calif.-based tech giant is expected to launch a peer-to-peer money transfer service sometime in 2016, according to a report this week from the Wall Street Journal. Apple is no stranger to P2P — it filedRead More

Early Warning Appears Set to Relaunch clearXchange as SecureExchange

Early Warning Appears Set to Relaunch clearXchange as SecureExchange

by November 3, 2015 at 10:35 am 0 comments

Early Warning, the bank security consortium that last month combined with clearXchange, appears set to relaunch its payments service as SecureExchange. ClearXchange is the stuttering P2P payments network launched by several major banks, including Bank of America and Capital One Financial Corp., in 2011. Bank of America, for example, went live withRead More

Bank of America Chief Executive Officer Brian Moynihan
Courtesy: Bank of America

BofA’s Moynihan Lets Slip That Processing Costs Are 90% Lower via Mobile

by October 15, 2015 at 9:58 am 0 comments

So now we know. Brian Moynihan, the chairman and chief executive of Bank of America, disclosed yesterday the rate of savings the megabank is getting from its customers shifting to mobile banking for services: 90%. Indeed, Moynihan said on an investor call yesterday that mobile “is one-tenth the cost relative toRead More

Wells Fargo Stumbles in Mobile User Growth

Wells Fargo Stumbles in Mobile User Growth

by October 14, 2015 at 11:51 am 0 comments

Wells Fargo & Co.‘s growth in active mobile users appears to have faltered — or maybe not. For years now, Wells Fargo has kept pace with larger rival JPMorgan Chase in mobile AMU growth, but this quarter, Wells announced today, that its growth was flat, or nearly so — there is considerable ambiguity in theRead More

Bank of America Quietly Boosts Its Mobile Transfer Limits

by September 16, 2015 at 3:23 pm 0 comments

Bank of America mobile customers can now send more money to their buddies. The megabank quietly increased its dollar limit to $2,500 from $1,000 on mobile peer-to-peer payments, which the bank formally calls its Email/Mobile Transfer Network Service. The service includes clearXchange, the bank P2P payments network. Bank of America also increased to $5,000Read More

Top 20 Finance Apps: Robinhood Hits the Mark

Top 20 Finance Apps: Robinhood Hits the Mark

by August 20, 2015 at 11:30 am 1 comment

Robinhood, a startup promising free stock trades, made a strong showing in rankings for Google Play store finance apps, coming in at No. 7, putting it ahead of Google Wallet, Venmo, Citibank, and US Bank. Based in Palo Alto, Calif., Robinhood has $66 million in funding and is commonly citedRead More

Bank of America on Why People Don’t Have Instant Access to Funds [VIDEO]

Bank of America on Why People Don’t Have Instant Access to Funds [VIDEO]

by August 10, 2015 at 10:58 am 0 comments

How quickly does a customer get access to funds he has deposited? It’s a complicated a question — and that’s the whole problem. From the Ford Model T (1908) to the Tesla Model S (2012), not much has changed with the ways banks handle checks. They are still sent to The Clearing House,Read More

OnDeck Adds Credit Facilities from SunTrust and Bank of America

OnDeck Adds Credit Facilities from SunTrust and Bank of America

by August 4, 2015 at 11:52 am 0 comments

Banks and marketplace lenders once watched each other with suspicion, but increasingly the two seem to be getting downright cozy. OnDeck CEO Noah Breslow announced on yesterday’s earnings call that SunTrust Banks, Inc. and Bank of America had issued fresh credit facilities to the lender, which specializes in small business loans.Read More