FinTech Futures: Top five stories of the week – 27 January 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Bank of America
Several major US banks reportedly team up on new digital wallet project
Seven banks are working on an e-wallet linked to consumers’ debit and credit cards, The Wall Street Journal reports.
FinTech Futures: Top five stories of the week – 6 January 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
2022: Top five regulations and fines
FinTech Futures takes a look back at some of the year’s top regulatory stories of 2022.
Video: Bank of America at Sibos 2022 – Cross-border payments trends
We chat with Derrick Walton of Bank of America about how cross-border payments have evolved.
Sibos 2022: No bank is an island – joining up digital currencies
At Sibos 2022, senior bankers discussed the importance of interoperability between payment systems old and new.
SEC fines 16 Wall Street firms $1.1bn for recordkeeping failures
For more than three years employees routinely used messaging apps on their devices to discuss business matters.
Low-code development platform Genesis lands $20m funding from BofA, BNY Mellon and Citi
The company secured $200 million in a Series C round led by Tiger Global earlier this year.
FinTech Futures: Top five stories of the week – 22 July 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
US regulators fine Bank of America $225m for “botched disbursement” of unemployment benefits
The CFPB has fined the bank $100 million, while the OCC has separately issued a $125 million fine.
US Consumer Financial Protection Bureau fines Bank of America $10m for illegal garnishments
The CFPB alleges BofA unlawfully garnished at least 3,700 out-of-state accounts since August 2021.
Bank of America invests in UK paytech Banked, launches new online payment solution
BofA says the Pay by Bank solution is “part of our continual cycle of technology investment”.
Sibos 2021: Net-zero commitments from banks and governments “need to have teeth”, says panel
How finance can tackle climate change has been a key topic at Sibos this year.
Bank of America CTO: Cyberattacks on banks “surged” during pandemic
Cyberattacks have surged “dramatically”, says BoA exec.
Bank of America teams up with Black-owned Unity bank
BoA has acquired approximately 5% of the bank’s common equity.
FinovateFall 2020: Banking-as-a-Service shows industry’s future value
A panel of bankers discuss the potential of opening up to customers.
Wells Fargo hires Ather Williams III from Bank of America
Major US bank says its new head of strategy will drive innovation.
“Operational efficiency” report ranks US commercial banks
Charles Schwab Premier Bank and Bank of America California scored highly.
Bank of America goes live on securities platform from Wematch and Pirum Systems
The combined system made its first transaction on 10 June.
Bank of America’s Merrill revamps client management workstation
The old system has been in place since the early 2000s.
Major banks assess COVID-19 working from home policies
A list of how some major banks are responding to COVID-19 remote working policies.
IBM names former Bank of America exec as new cloud head
Howard Boville steps in as Arvind Krishna takes over from chief Ginni Rometty.
IBM launches “world first” financial services public cloud
Big Blue is joined by Bank of America as first partner and collaborator.
Case study on Bank of America: How robots help serve and protect the bank
In a bank of this size, there are many areas that would benefit from automation of repetitive tasks.
Flywire furnishes Bank of America with cross-border payments solution
Bank’s higher education and corporate clients can expect better cross border service.
First Data and Bank of America end paytech partnership
Fiserv’s First Data will provide services to its current client merchants until June 2023.
Top fintech stories this week – 10 May 2019
Deutsche Bank picks Red Hat, Orange acquires Secure Link, and much more!
Bank of America ponders scrapping paytech venture with First Data
The joint venture, Bank of America Merchant Services, accounts for 10-12% of First Data’s revenue.
Five ways AV tech helps banks transform internal operations and customer experience
AV tech is opening new doors for banks to improve brand loyalty, customer and employee engagement and more.
Top fintech stories this week – 25 January 2019
Catch up on FinTech Futures’ top five fintech stories of the week – all in one place!
Bank of America embarks on corporate banking tech modernisation
EXCLUSIVE. A major revamp with Infosys’ Finacle, it is understood.
US bank customers enter Glassbox’s digital world of pane
Clever customer management for JP Morgan Chase, Bank of America, Wells Fargo, and Citi.
Bank of America launches cross-bank feature for app
Available for associated banks: Bank of America, Merrill Lynch, Merrill Edge and US Trust.
Bank of America closing immigrants’ accounts
The bank is reportedly demanding an update in residence documents.
Blockchain and Bitcoin round-up: 5 February 2018
Includes Lloyds, Bank of America, JP Morgan, Facebook and DeVere Group.
Where top US banks are betting on fintech – CB Insights
Research company CB Insights has mapped out where the top ten US banks are investing in fintech.
Earnings Roundup: Amex, BofA, Blackhawk, Visa
It was a busy week for second- and fiscal third-quarter earnings reports, with American Express, Bank of America and Visa all beating Wall Street expectations, and Blackhawk Network, which also beat analyst predictions, talking international growth, double-digit digital gift card sales and new partner Target set to roll out in Q3.
BofA Simplifies Money Management for Customers Using Third-Party Apps
Bank of America is testing a service enabling its customers who use third-party data aggregators to view their financial information in one place. BofA is testing the capability with two financial data aggregators to enable customers to securely connect data from their bank accounts to third-party money management apps.
P2P rising: new study points to a market on the verge of major growth
P2P payments are proving a big hit with younger consumers.
U.S. Credit Cards Gain Ground on Debit, Prepaid, Nilson Says
The U.S. purchase volume of credit, debit and prepaid cards increased 7 percent in 2016 compared with last year, according to The Nilson Report. That purchase volume hit $5.648 trillion last year, with the volume from American Express, Discover, Mastercard, and Visa credit cards increasing 8 percent year over over to reach a combined $3.059 trillion—the first time that figure has topped $3 trillion.
