Brand Finance, in conjunction with The Banker, has announced the results of its latest study of the financial value of various banking brands around the world. From this year's report:

• HSBC, the only British bank among the ten most valuable banking brands, knocks Bank of America off the top spot in the Brand Finance Banking 500.

• Wells Fargo is the most valuable banking brand in the U.S. market, and the second most valuable worldwide.

• Chinese banks performed strongly with China Construction Bank, ICBC, Bank of China and the Agricultural Bank of China maintaining a successful streak for Chinese banking as they secure spots in the Top 20.

• There are now more banks from the BRICs (Brazil, Russia, India and China) in the top 20 banking brands than there are from Europe.

Fifteen leading companies have announced the formation of DMARC.org, a working group that has been developing standards to fight spam and phishing.

"Email phishing defrauds millions of people and companies every year, resulting in a loss of consumer confidence in email and the Internet as a whole," said Brett McDowell, Chair of DMARC.org and Senior Manager of Customer Security Initiatives at PayPal. "Industry cooperation - combined with technology and consumer education - is crucial to fight phishing."

Founding financial services providers include Bank of America, Fidelity, and PayPal.

Bank of America has reported financial results for the fourth quarter 2011.

Card Services reported net income of $1.0 billion, compared to $1.3 billion in the year-ago quarter. The decrease in net income is due to lower revenue, partially offset by lower credit costs. Revenue declined 24 percent to $4.1 billion from the year-ago quarter, driven by a decrease in net interest income of $647 million from lower average loans and yields. Also contributing to the decline in revenue was lower noninterest income due to the implementation of new interchange fee rules in the fourth quarter of 2011 as a result of the Durbin Amendment, which reduced revenue by $430 million.

On the web:

• Wal-Mart Benefits From Anger Over Banking Fees - NYTimes.com
• Credit Karma Launches "Hands Free" Account Aggregation - NetBanker

On the wires:

• mopay Upgrades its Mobile Payments Platform with HTML5 Features
• U.S. Bank Implements Secure Vault Payments for FamilySearch International for Online Donations
• Bank of America Merrill Lynch Adds EMV to Commercial Cards for International Travelers
• TNS Launches One-Stop Global GPRS Access Solution for Mobile Terminals across Europe

In response to customer feedback and the changing competitive marketplace, Bank of America has announced that it no longer intends to implement a debit usage fee.

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” said David Darnell, co-chief operating officer. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

In related news, Wells Fargo also announced that they were canceling their $3 per month debit card usage fee pilot.

Yodlee has announced an extended PFM service arrangement with Bank of America that includes BofA's intent to implement the Yodlee FinApp platform.

"As an early adopter of PFM and longtime customer of Yodlee, we're excited to support Bank of America's continued innovation in financial services, by supplying the company with our award winning FinApp technology platform," said Yodlee's president and CEO, Anil Arora. "Yodlee delivers an application-driven digital banking experience, enabling complete personalization for every customer and opens the door to the delivery of additional value-added services."

For more information about the Yodlee FinApp Platform, visit www.yodleefinapps.com.

On the web:

• Pygg Launches Twitter-based, Social Media Payments App in Australia - StartUpSmart
• Swiff Hopes to Become the 'Square" of Singapore and Malaysia - SGEntrepreneurs
• Square to Distribute Payment Swipe Device Through Wal-Mart - Businessweek
• Real World Feedback: How to Spend $100 With Google Wallet - Advertising Age
• In China, App Enables Discounted Mobile Payments at Vending Machines - Springwise
• Keeping Pace as Money Transmitters Proliferate - Portals and Rails
• New Zealand Carriers Create Cooperative Direct Carrier Billing Framework - MobilePaymentsToday.com

On the wires:

• Bank of America, Intuit to Offer Full Service Payroll to Small Businesses
• TSYS Purchases Portfolio from Vanguard Payment Systems

On the web:

• BofA, Wells Fargo, JPMorgan Sued by ATM User Over Fees - Bloomberg
• USPS Eyes Prepaid Card Market - MyBankTracker.com
• Whole Foods Stores Stop Accepting Checks - Raleigh Durham News & Observer

On the wires:

• Durbin to Wells Fargo: Your Numbers Don't Add Up
• Bethpage Federal Credit Union Announces “No Fee” Free Checking Guarantee
• Western Union and Societe Generale International Retail Banking extend Global Money Transfer Agreement
• Chase Strengthens Partnership with United’s MileagePlus to Offer Ultimate Rewards Cardmembers Expanded Travel Flexibility
• New Report from Mercator on Online Bill Management

Bank of America has reported financial results for the third quarter 2011.

Card Services reported net income of $1.3 billion, compared to a loss of $9.8 billion in the year-ago quarter. The improvement in net income reflected the impact of a $10.4 billion goodwill impairment charge in the third quarter of 2010 and lower credit costs in the current period, partially offset by lower revenue. Excluding the impairment charge, net income was up $708 million from the third quarter of 2010.

The number of new U.S. credit card accounts grew by 17 percent in the third quarter of 2011 compared to the second quarter of 2011.

On the web:

• Letter to Bank of America CEO Brian Moynihan - U.S. Senator Dick Durbin
• Citi Announces New Fees on Checking Accounts - CNNmoney.com
• Nine Ways To Avoid Debit Card Usage Fees - Fox Business
• Skrill, Born Moneybookers, Extends Rebranding Campaign - AuctionBytes
• Beggars Can be Choosers (Panhandlers Taking Plastic) - Dave Birsch Blog
• Coming Soon To A Store Near You: Tagtile, A Square-Like Mobile Loyalty Service - TechCrunch

On the wires:

• Heartland Payment Systems Releases First Actual Durbin Impact Statistics
• Weather Underground Inc. Chooses Recurly for Subscription Billing Management
• NEBA Introduces SMS Text Messaging System for Credit and Debit Card Issuers
• Pandora One Gift Cards Now Available for the First Time
• Dynamics Inc. Announces Multiple Volume Launch Agreements for Next-Generation Magnetic Stripe Payment Cards
• PenFed Eliminates Foreign Transaction Fee From Remaining Credit Card Programs in Card Portfolio
• BluePay, a Leading Chicago Credit Card Processor, Announces Acquisition of Primax Merchant Portfolio

On the web:

• Bank of America risks Reputational Capital with Debit Card Fees - Washington University News Analysis

On the wires:

• Turkish Airlines Enlists CyberSource to Combat Online Fraud
• Avira Chooses GlobalCollect as Preferred Payment Service Provider

The debit card interchange cap of Regulation II went into effect on October 1st, 2011. The New York Times has a nice summary of how the regulated banks are reacting, particularly with regards to implementing monthly debit card fees:

• Banks to Make Customers Pay Debit Card Fee - NYTimes.com

The reaction to these new banking fees is quite diverse:

• Bank of America Debit Card Fee Inspires Anti-bank Rhetoric - International Business Times
• Bank of America Debit Card Fee Announcement Sparks Backlash from Customers - The Washington Post
• Morning Bell: Ready for A Debit Card Tax? - The Foundry
• Is There an Alternative to Big Bank Fees? - NBC Los Angeles
• Bully for BofA: New Debit Card Fees! - Credit Slips

On the web:

• How Payment Professionals Should Think About Facebook Credits - Dave Birch Blog
• Bank of America to Add Debit Card Fees - Michael Finney's Consumer Blog
• Amazon to Collect California Sales Tax by January 2013 - WSJ.com
• How New Payment Options (Lay-a-Ways) Can Drive Revenue - Harvard Business Review Blog
• Ryanair 'Cash Passport' Prepaid Card to Carry Hefty Charges - This is Money
• Tabbedout Expands Nationally to More Bars and Restaurants - Austin Business Journal

On the wires:

• Visa Europe Says Foreign Consumer Spending Tops €14.4bn
• CRE Secure Launches New Shopping Cart Platform – Loaded Commerce 6.5
• epay Signs Long-Term Prepaid Processing Agreement for Boost Mobile, Virgin Mobile USA and Assurance Wireless
• An international bank selects Earthport to enhance pension payment services
• eLayaway's Technology Aims to Help the Economy
• Xpress Money Launches their Instant Money Transfer Service in Canada

Bank of America has announced that it is "launching BankAmericard Cash Rewards and Cash Rewards for Business MasterCard credit cards that reward customers with up to 3 percent cash back on certain purchases. In addition, the BankAmericard Cash Rewards card includes a 10 percent bonus when customers deposit their cash rewards into their Bank of America checking or savings account. Both cards have no expiration on rewards."

On the web:

• China UnionPay is Now the World's Largest Card Scheme - Bank Systems & Technology
• Cabela’s Embraces In-app Purchasing and Bar Code Scanning - Mobile Commerce Daily
• Online Banking Customers Demand Paper Checks - TIME.com

On the wires:

• Shandong Airlines Launches UATP Program
• NCR Secures Largest Ever ATM Services Deal in China
• Bank of America to Exit International Credit Card Businesses
• Experian Report Shows Credit Card Delinquencies are Below Prerecession Levels
• Bank of Internet Launches a POPmoney Person-to-Person Payment Service
• Admeris Partners With Global Transaction Services Group
• Cardtronics to Acquire Access to Money

On the web:

• Bank of America's "Irregular Credit Card Activity" Alert - NetBanker
• Square Now Processing $4 Million In Mobile Payments Per Day - TechCrunch
• Reg E Expected to Add New Consumer Protections for Remittance Transfers - Portals and Rails
• Taulia Raises $8.5 Million To Help Companies Pay Their Invoices Early - TechCrunch
• Survey: Bank Customers Quick to Sign Up for Debit Rewards - But Slow to Redeem - COLLOQUY
• txtNation Release Direct Operator Billing for Easier Mobile Payments - Mobile Europe
• Properly Handling PayPal in Bangladesh - The Financial Express (Op Ed)

On the wires:

• MRC Board Election Results
• IFX Forum Ready to Lead Collaboration on Remittance Standards
• New York MTA Selects VeriFone TransitPAY for Bus Tracking Solution
• Alibaba Group, Yahoo!, and SoftBank Reach Agreement on Alipay

Bank of America has reported financial results for the second quarter 2011.

Global Card Services reported net income of $2.0 billion, up $1.2 billion from the year-ago quarter as lower credit losses more than offset a $1.4 billion decline in revenue. The lower revenue reflected a drop in net interest income from lower average loans and yields, as well as lower noninterest income due to the gain on the sale of the company’s MasterCard position in the second quarter of 2010.

Total purchase volume (debit and credit) increased by 9% from the first quarter, in line with seasonal trends, and 6% from a year ago.

Over on our sister blog, Payments Views, Glenbrook's Carol Coye Benson interviews Mike Kennedy, chairman of the clearXchange board, and shares her thoughts on the new banking industry joint venture in a post entitled "It's About Time: clearXchange and Bank P2P".

This has been a big week for news in the payments industry – with the Google Wallet making a big, loud splash. It’s nice to see banks using the power of their collaborative action to demonstrate that innovation can come from the bank side of the payments world as well.

Bank of America, JPMorgan Chase, and Wells Fargo have announced that they have formed a new P2P payments joint venture.

Customers of the three banks will be able to move funds directly from their existing checking accounts using an e-mail address or mobile number – instead of providing checking account and routing numbers. The clearXchange service will roll out nationally, and there are plans over time to expand it to include other financial institutions and endpoints to create a money movement capability across the industry.

On the wires:

• Survey: Card Fraud Experts Warn Against Looming Mobile Payment Fraud Risk
• SecurityMetrics Introduces Network Threat Sensor to Simplify PCI-DSS Compliance
• TSYS Signs Merchant Services Agreement With Caledon Card Services
• NXGEN International Partners with Elavon to Expand European Footprint
• PayCommerce Offers Cloud-Based SMB Payment Suite Reseller Subscription Plan
• Elastic Path Launches Ecommerce on the Google Cloud
• Carta Worldwide Integrates MasterCard Mobile Over-the-Air Provisioning Service (MOTAPS)
• OpenCuro To Demonstrate New Online Payment System at FinovateSpring 2011

On the web:

• NPR: Banks, Retailers In Lobbying Race Over Debit Fees
• TechCrunch: Sequent Software Raises Funding, Aims To Simplify NFC Mobile Payments
• American Banker: ProPay s Zumogo Mobile Payment App Gets Social
• FierceFinance: Bank of America Ponders New Ways to Charge Overdraft Fees (via SMS Opt-In)
• CNET: Intuit Eyes NFC for Mobile Payment System
• GoMo News: India's Interbank Mobile Payment Service Finally Includes Merchants

Bank of America has reported financial results for the fourth quarter 2010.

Global Card Services returned to profitability in the fourth quarter of 2010 with net income of $1.5 billion. Excluding the $10.4 billion goodwill impairment charge in the third quarter of 2010, Global Card Services would have been profitable for four straight quarters. New U.S. consumer card accounts in the quarter were up 9 percent from the third quarter of 2010.

Bank of America Merrill Lynch has announced that the expanded capabilities for Paymode-X, the all-digital online payment and invoicing system powered by Bottomline Technologies, are now part of the bank’s supply chain and treasury solutions offering.

Combining electronic purchase order submission, invoicing and payment settlement on a single platform, Paymode-X enables companies to better control and predict their cash flow, reduce processing costs and strengthen relationships with suppliers. New features include enhanced purchase order presentment and matching, more efficient invoice workflow and approval capabilities, along with the ability for buyers and their suppliers to negotiate discounts for prompt payment.

Bank of America has reported financial results for the third quarter 2010. In its Global Card Services unit, the bank reported "a net loss of $9.9 billion due to the $10.4 billion goodwill impairment charge. Excluding this charge, Global Card Services would have reported net income of $529 million, compared to a net loss of $955 million a year ago. Revenue decreased $1.5 billion from a year ago, driven by lower average loans, reduced interest and fee income primarily resulting from the implementation of the CARD Act and the impact of recording a $592 million reserve related to future payment protection insurance claims in the U.K."

Bank of America has reported financial results for the second quarter 2010.

In its Global Card Services unit, the bank reported "net income increased $2.4 billion compared to a year ago due to declining credit costs reflecting continued improvement in the U.S. economy. Revenue decreased $401 million from a year ago, driven by lower average loans and reduced interest and fee income primarily resulting from the implementation of the CARD Act, partially offset by the $440 million pretax gain on the sale of the MasterCard position. Provision for credit losses decreased $3.9 billion from a year ago as lower delinquencies, decreasing bankruptcies and lower expected losses from the improving economic outlook drove lower charge-offs and reserve reductions during the quarter."

Bank of America has reported financial results for the first quarter 2010.

In its Global Card Services unit, the bank reported "net income of $952 million as credit costs declined, reflecting continued improvement in the U.S. economy. Net revenue declined 9 percent to $6.8 billion due to lower net interest income from the decline in average loans and lower fee income resulting from the implementation of the CARD Act. Provision for credit losses decreased $4.7 billion to $3.5 billion from a year ago as lower delinquencies and lower expected losses from the improved economic outlook drove reserve reductions during the quarter."

Debit card purchase volume was $56.1 billion, up 10% over 1Q09. Credit card volume was $48.7 billion, up 1% over 1Q09.

Bank of America has announced that "beginning this summer it will only authorize single debit card transactions at the point of sale if a customer has enough money in their account at the time. This change will help customers by reducing the likelihood they may inadvertently overdraw their account and thus eliminate unexpected overdraft fees on these transactions. Customers will still have the choice to link their checking account to another account through Overdraft Protection to cover these types of transactions." READ MORE »

Bank of America has announced its financial results for the fourth quarter of 2009. For its Global Card Services business, BofA reported a net loss of $1 billion for the quarter, the same as in 3Q2009. It reported that total retail volume increased 4% from 3Q09 and 2% compared to 4Q08. Retail credit card volume was up 3% from 3Q09 and down 3% from 4Q08 while debit card volume was up 4% from 3Q09 and 8% from 4Q08.

In an article titled "New Chief at Bank of America Seeks Credit-Card Fix", Dan Fitzpatrick writes for the Wall St. Journal about incoming CEO Brian Moynihan's plans to reposition its credit card business.

Bank of America has announced the launch of a new Credit Card Clarity Commitment - "a one-page summary of customers' rates, fees, and payment information." Bank of America says it is "the first bank to provide each cardholder with a clear and simple explanation of this kind." BofA says that its Credit Card Clarity Commitment will be sent to its 40 million current cardholders beginning in December and will be available to new customers next year. READ MORE »

Lieff Cabraser Heimann & Bernstein, LLP today announced the filing of a series of nationwide class action lawsuits against Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank in the United States District Court for the Southern District of Florida in Miami for abusive overdraft fees. READ MORE »