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Bank of America

Welcome to the News View for "Bank of America".

Here, on these archive pages, you'll find all of the articles on Payments News for Bank of America listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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April 16, 2014

Headline News from PaymentsNews.com - April 16, 2014

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

April 09, 2014

Headline News from PaymentsNews.com - April 9, 2014

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

April 07, 2014

Headline News from PaymentsNews.com - April 7, 2014

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 06, 2014

Headline News from PaymentsNews.com - March 6, 2014

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 05, 2013

Headline News from PaymentsNews.com - December 5, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

October 07, 2013

The Cardlinx Association Announces Founding Members

The CardLinx Association, a "new interoperability organization to enhance the consumer experience with local commerce and card linked offers," has announced its founding members - including Microsoft, Bank of America, Discover, Deem, Facebook, First Data Corp., Linkable Networks Inc., LivingSocial, MasterCard, Affinity Solutions Inc., CardSpring Inc. and Cardlytics.

“The CardLinx Association brings together thought leaders across a variety of important linked industries, allowing us to define a set of standards and services that will make it easier for consumers to shop and for merchants to sell their goods and services,” said Silvio Tavares, founding CEO of The CardLinx Association.
The Association says that its members "serve or represent over 6 million merchants, have issued over 1.9 billion payment cards, and serve consumers with over 200 million card enabled accounts and over 700 million active daily users."

September 10, 2013

clearXchange Names Michael Kennedy Chief Executive Officer

ClearXchange logo 140pxclearXchange, the joint venture of Bank of America, Wells Fargo and JPMorgan Chase, has announced the naming of Michael Kennedy as chief executive officer.

Kennedy co-founded and served as chairman of clearXchange while working as executive vice president and head of Innovation and Payments Strategy for Wells Fargo Bank. clearXchange says that Kennedy will now devote 100 percent of his time to leading clearXchange and will be based in San Francisco.

April 10, 2013

NACHA Announces 2012 ACH Annual Volume Statistics

NACHA logo 140pxNACHA — The Electronic Payments Association has published its annual summary of the largest originators and receivers of ACH payments in 2012. Wells Fargo was the #1 originator in 2012 while Bank of America was the #1 receiver.

Total ACH payment volume grew to over 21 billion transactions in 2012, up 4.19 percent over 2011 representing a total of $36.9 trillion, an increase of 8.76 percent. That rate equates to over 660 ACH transactions per second over the full year with an average ACH ticket size of about $1760 per transaction.

Native electronic payments — those payments which start as an electronic payment (i.e., non-check conversion applications) — increased 6.38 percent over 2011. These payments now make up 85 percent of total ACH Network volume. Conversely, check initiated transactions decreased by 6.75 percent.

“This data clearly shows that consumers and businesses choose electronic payment options over paper checks,” said Janet O. Estep, president and CEO of NACHA. “Direct Deposits and Direct Payments via ACH provide the convenience, control, and flexibility that end users want. As end user needs evolve, the ACH Network will continue to enable the innovation necessary to meet the changing needs of ACH Network participants.”

April 04, 2013

March 04, 2013

November 28, 2012

Bank of America to Pilot V.me by Visa to Its Online Banking Customers

Visa logo 60pxhVisa announced that Bank of America has agreed to offer Visa’s digital wallet service called V.me and has begun piloting it to its online banking customers.

“We look at everything through the lens of the customer and continue to prioritize security, privacy, and fraud protection above all else,” said David Godsman, Online and Mobile Solutions executive, Bank of America. “We believe our customers shouldn’t have to forgo security for convenience when using a digital wallet. V.me offers customers a greatly simplified and secure checkout process when shopping online without sharing their financial information.”

November 13, 2012

BofA Merchant Services Announces Mobile POS Solution for Small Businesses

BankofAmerica logo 140pxBank of America Merchant Services has announced the December 3, 2012 release of 'Mobile Pay on Demand', a new solution that turns a client’s smartphone or iPad into a mobile point-of-sale terminal.

“In today’s economic environment, small businesses are looking for secure, easy and portable ways to confidently accept payments beyond cash, and promote their business to a broader customer base,” said Tom Bell, chief executive officer, Bank of America Merchant Services. “With Mobile Pay on Demand, we are making it even easier for small business owners to accept secure payments anywhere. The product is fully integrated with existing Bank of America accounts and services, allowing deposits made into a Bank of America small business checking account to be processed as soon as the next business day.”

BofA customers can find more information about the product and sign up at http://www.bankofamerica.com/mobilepay.

October 17, 2012

Bank of America Reports 3Q2012 Financial Results

BankofAmerica logo 140pxBank of America has reported financial results for the third quarter 2012. In Consumer and Business Banking, the Card Services segment reported net income of $994 million for the quarter. The number of new U.S. credit card accounts opened year-to-date grew 8% from 2011. During the third quarter of 2012, the number of BankAmericard Cash Rewards cards increased by nearly 400,000 to a total of 1.7 million cards since the product launched in the third quarter of 2011.

August 14, 2012

Bank of America Launches Online and Mobile Cash Back Deals Nationwide

BankofAmerica logo 140px Bank of America has announced national availability of its online and mobile cash back deals program, BankAmeriDeals.

“Our customers continue to tell us how important it is to save money while they shop,” said Aditya Bhasin, Consumer Marketing and Online and Mobile executive. “And we understand that consumers are busier and savvier than ever, which is why we’re making it easy for customers to earn cash back while they’re online or on the go.”
The program is free for Online Banking and Mobile Banking customers.

August 06, 2012

Bank of America Merchant Services to Deploy First Data OfferWise

First data logo 140x60pxFirst Data announced that Bank of America Merchant Services will offer the First Data OfferWise solution to all eligible merchants’ 650,000 U.S. locations through 2Go Media’s iDeals Marketing Platform.

“First Data continues to bring innovations to the marketplace that enable our industry partners to create a universal commerce experience for their customers,” said Dom Morea, SVP and division manager, Advanced Solutions and Innovation at First Data. “The OfferWise solution will allow Bank of America Merchant Services clients to leverage the most advanced card-linked redemption technology available today through the convenience of 2Go Media’s marketing platform and generate incentive programs tailored specifically for their business.”

July 23, 2012

Bank of America Begins Rollout of Chip Credit Cards to Consumers

BankofAmerica logo 140pxBank of America announced that it is rolling out chip technology (EMV) on many of its consumer credit cards.

The bank will include the chip technology in all newly issued Merrill Lynch credit cards, U.S. Trust Accolades, BankAmericard Travel Rewards, BankAmericard Privileges, and Virgin Atlantic travel credit cards. The bank also will upgrade existing customers in these card programs who have been identified as international travelers.

The bank’s new chip-enabled credit cards will continue to prompt customers to sign for transactions just as they would today. The cards also include the traditional magnetic stripe, which is used by U.S. merchants.

July 18, 2012

Bank of America Reports 2Q2012 Financial Results

BankofAmerica logo 140px Bank of America has reported financial results for the second quarter 2012.

Noninterest income declined $510 million to $2.6 billion, primarily from the implementation of debit card interchange fee rules as a result of the Durbin Amendment and a gain on the sale of certain portfolios in the second quarter of 2011. Provision for credit losses, primarily within the Card Services business, increased $731 million from the year-ago quarter to $1.1 billion as portfolio trends began to stabilize. Net charge-offs declined to $1.7 billion in the second quarter of 2012 from $2.6 billion in the year-ago quarter.
The number of new U.S. credit card accounts opened in the second quarter of 2012 was up 7% from the year-ago quarter. During the second quarter of 2012, the number of BankAmericard Cash Rewards cards grew by 37% to 1.4 million.

May 29, 2012

May 08, 2012

April 19, 2012

Bank of America Reports 1Q2012 Financial Results

BankofAmerica logo 140pxBank of America has reported financial results for the first quarter 2012. Starting this quarter, the former 'Card Services' business segment has been merged into the new 'Consumer and Business Banking' segment.

Revenue of $7.4 billion was down $1.0 billion from the year-ago quarter, driven by lower noninterest income of $523 million primarily from the implementation of debit card interchange fee rules as a result of the Durbin Amendment, and a decrease in net interest income of $521 million, primarily from lower average loans and yields. Provision for credit losses, primarily within the Card Services business, increased $216 million from the year-ago quarter to $877 million, reflecting lower reserve reductions in the current period.
The number of new U.S. consumer credit card accounts opened in the first quarter of 2012 was up 19% from the year-ago quarter, and more than 1 million BankAmericard Cash Rewards cards have been issued since its introduction in the third quarter of 2011.

February 01, 2012

Brand Finance Releases Bank Brand Rankings

Hsbc logo 140x60pxBrand 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.
Each bank is accorded a brand rating (a benchmarking study of the strength, risk and future potential of a brand relative to its competitor set), as well as a brand value (a summary measure of the financial strength of the brand.)

January 30, 2012

Companies To Combat Email Phishing Through DMARC.org

Dmarc org logo 140pxFifteen 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.

January 19, 2012

Bank of America Reports 4Q2011 Financial Results

BankofAmerica logo 140pxBank 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.
The number of new U.S. credit card accounts grew 53% in the fourth quarter of 2011 as compared to the year-ago quarter.

November 08, 2011

November 01, 2011

Bank of America Will Not Implement Debit Usage Fee

BankofAmerica logo 140pxIn 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.

October 26, 2011

Bank of American to Implement Yodlee FinApp Platform

Yodlee logo 140pxYodlee 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.

October 24, 2011

October 20, 2011

October 18, 2011

Bank of America Reports 3Q2011 Financial Results

BankofAmerica logo 140px 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.

October 05, 2011

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