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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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November 19, 2014

Headline News from PaymentsNews.com - November 19, 2014

On the Web:

  • Most People Are Only Thinking About Compliance - Bitcoin Foundation Blog (Jim Harper) - "Without prevention of real-world harms to target, banks will manage a different risk, which is the risk of regulatory action. The incentives to “de-risk” entire business lines, including digital currency, will remain strong. Risk aversion in financial services was the top threat to Bitcoin’s success identified in the study we released earlier this year."
  • United Airlines deploys iPads for airport purchases funded by miles - Mobile Commerce Daily - "In total, nearly 6,000 iPads will be stationed around the New Jersey airport’s Terminal C in a bid to elevate the airport experience with sophisticated technology, dining and design."

On the Wires:

Updates from Glenbrook:

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!

November 03, 2014

Headline News from PaymentsNews.com - November 3, 2014

On the Web:

On the Wires:

  • Consumers Can Now Use Their Barclays, Navy Federal & USAA MasterCard in Apple Pay - "Owners of the new iPhone 6, iPhone 6 Plus, iPad Air 2 and iPad mini 3 can now use their U.S. MasterCard consumer credit or debit cards from Bank of America, Capital One, Citi, Wells Fargo, Barclaycard, USAA and Navy Federal Credit Union through Apple Pay."
  • Apple Pay Now Available for U.S. Bank Customers - “We couldn’t be more pleased to see this day arrive for our customers,” said Dominic Venturo, chief innovation officer at U.S. Bank. “Providing our customers the ability to securely pay where, when and how they want is a central theme for our payments business. Enabling our customers to use Apple Pay is the perfect example of how we bring that philosophy to life.”
  • U.S. Bank FlexPerks Adds American Express-Branded Cards to Award Winning Credit Card Lineup - “Adding American Express to the family of FlexPerks Rewards credit cards is part of our FlexPerks legacy of finding new and better ways to help customers earn rewards faster with value they can recognize,” said Cliff Cook, senior vice president for U.S. Bank’s retail credit card division.
  • Elavon Delivers Apple Pay, EMV & Security Solutions - "Our investments in mobile and other innovative technologies are now paying off for our customers: when a business is trying to accommodate the consumer who wants to pay with their smart phone, and the next person in line who presents a chip-embedded EMV card, they know they can rely on us to help them make the sale with enhanced security and a great customer experience.”
  • Verifone and MasterCard Bring Card-Linked Offers to Las Vegas for Money 2020 - "Targeted offers from merchants, in this case The Hard Rock Café on the Vegas strip, the Bali Hai and Royal Links golf courses and Dream Racing at the Las Vegas Motor Speedway, are displayed to taxi passengers on VNET–Taxi TV screens integrated with Verifone payment terminals."
  • Visa Selects Bangalore as Site for New Technology Center - India is fast becoming a global technology epicenter with an incredible pool of technology talent,” said Nitin Chandel, Senior Vice President of Visa’s Developer Platform based in India.
  • TSYS Creating a More Open Technology Environment to Power Innovation - "TSYS’ strategy leverages the scale of TSYS’ mainframe and distributed systems to connect with 3rd platform technologies including mobile, cloud, big data and social technologies."
  • Ingo Money to Acquire Fuze Network, Inc. - "Fuze enables its partners to add cash to more than one billion bankcards including credit, debit and prepaid cards. For example, a consumer cashing a check at a physical location can then disburse funds directly to the cards in their wallet."
  • LoopPay Launches New Mobile Payment Product Line, Accepted At 40X More Places Than Apple Pay - "The LoopPay CardCase can be purchased today for $49.95 for the iPhone 5/5s, 6 and 6 Plus, while Android users can purchase a standalone LoopPay Card accessory that is available separately for $39.95."
  • Verifone Reinforces Mission with New Brand Voice and Identity - "The Verifone brand reflects our vision and commitment to clients, while also speaking to our continued growth and leadership as a company as we pave new paths towards the future of commerce.”
  • Ingenico Mobile Solutions Launches the First Native mPOS Tablet App with Support for All Transactions Types: Magstripe, EMV and NFC - "This new version features a completely redesigned User Interface (UI) and is the first and only native tablet application for both iOS and Android that supports all mobile payment transaction types and all acceptance methods: magstripe, NFC, EMV chip & PIN, and EMV chip & sign."
  • BofA Merrill Announces Enhancements to Global Card Capabilities for Companies and Public Sector Clients - “Improved transparency and tighter control over expenses continue to be hot topics for organizations of all sizes in every region around the world,” said Percy Batliwalla, head of Sales for GTS. “As card programs grow in efficacy and sophistication, they are becoming an increasingly powerful tool for treasury departments – providing them the granular information they need to better manage and forecast their finances.”
  • CPI Card Group Launches CPIMobile™ with Sequent - "Sequent will enable CPI to deliver to global banks and other issuers a digital issuance solution that allows them to participate in almost any mobile wallet deployment, leveraging both Secure Element (SE) and Host Card Emulation (HCE) capabilities, and to enable their own banking apps for payments."
  • CPI Launches First EMV Prepaid Cards to Canadian Market with Berkeley Payment Solutions - “The Canadian market has already successfully migrated to EMV for financial debit and credit cards, benefiting from a significant reduction in fraud,” said Steve Montross, president and CEO of CPI Card Group. “Berkeley Payment Solutions has remained at the forefront of driving continuous innovation for its customers, and now, by extending EMV for Prepaid, truly demonstrates the company’s ability to anticipate and deliver solutions to meet the needs of its customers.”

Updates from Glenbrook:

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 20, 2014

Headline News from PaymentsNews.com - October 20, 2014

On the Web:

  • Apple Store app updated with Apple Pay support - iMore.com - "You can use Apple Pay both when ordering online, as well as when checking out at an Apple Store with EasyPay."
  • OpenTable adds Apple Pay support for iPhone in three US cities - iMore.com - "OpenTable, the popular restauant reservation service, has updated its iPhone app that adds Apple Pay support..."
  • Bank of England payment system crashes - Guardian - The Bank of England said it had “identified a technical issue related to some routine maintenance of the RTGS payment system and has paused settlement while we resolve it”.
  • Apple Pay Rolls Out, With Holes in System - Wall St. Journal - "Many retailers—including the nation’s largest, Wal-Mart Stores Inc. —aren’t part of Apple’s network. Only a minority have machines capable of reading the near-field communication radio signal that makes Apple Pay work."
  • Apple Pay Faces Lighter Compliance Than Paypal, Google - WSJ Risk and Compliance Journal - “If the device maker does not accept and transmit value, and just transmits encrypted card information that is used by the regular payment system to process the payment among regular participants, it wouldn’t be a money transmitter...”
  • Recurly Raises $12M To Chart the Future of Recurring Billing - Recurly Blog - "We are excited about bringing on a new set of world-class investors - Devonshire Partners and Greycroft Partners - who will add to our existing bench comprised of Polaris Partners, e.ventures, Harrison Metal and Freestyle.vc."

On the Wires:

Updates from Glenbrook:

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 15, 2014

Headline News from PaymentsNews.com - October 15, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

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 01, 2014

Headline News from PaymentsNews.com - October 1, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

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!

September 30, 2014

Headline News from PaymentsNews.com - September 30, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

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!

September 22, 2014

Headline News from PaymentsNews.com - September 22, 2014

On the Web:

On the Wires:

  • Citi Launches Citi Mobile Challenge to Fuel Digital Innovation - "Citi will provide developers with a suite of tools they can use to build solutions to benefit consumers either through mobile applications or the Internet of Things. Selected participants will present their concepts at demonstration events in Miami, New York and Silicon Valley and finalists will have the chance to take their technologies into production with the support of Citi."
  • Bank of America Changes the Game With Preferred Rewards - “Preferred Rewards is the first program of its kind to offer clients benefits and rewards for everyday banking,” said Dean Athanasia, president of Preferred and Small Business Banking and co-head of Consumer Banking at Bank of America.
  • U.S. Bank Encore Rewards Program for Small Businesses Blazes New Path for Industry - “This is the first time an American bank is giving small-business customers what they deserve: an easy way to earn rewards for combining their card purchasing and processing with one company,” said Cathi Stanton, head of small business credit cards at U.S. Bank.
  • Ingenico Group further expands global partnership with Elavon - "...Elavon has now selected Ingenico Group to be a key partner in supporting its migration to EMV-based payment processing infrastructures in the U.S. In addition, it has chosen Ingenico Group to run Fanfare, Elavon’s omni-channel marketing and customer loyalty program for small-to-medium size U.S. customers."
  • First Weekend Apple iPhone Sales Top 10 Million, Set New Record - “Sales for iPhone 6 and iPhone 6 Plus exceeded our expectations for the launch weekend, and we couldn’t be happier,” said Tim Cook, Apple’s CEO. “We would like to thank all of our customers for making this our best launch ever, shattering all previous sell-through records by a large margin. While our team managed the manufacturing ramp better than ever before, we could have sold many more iPhones with greater supply and we are working hard to fill orders as quickly as possible.”
  • Synchrony Financial Launches New Brand and Advertising Campaign: Engage with Us - Margaret Keane, president and CEO of Synchrony Financial, said, “After conducting extensive research with key stakeholders, we are proud to launch a Synchrony Financial brand campaign that truly represents who we are as a company and the value proposition we offer to our stakeholders."
  • New GSMA Report Sees North America Leading Mobile Investment and Innovation in the Developed World - “Our latest Mobile Economy report reveals how the widespread deployment of 4G networks in North America is creating a virtuous circle, stimulating adoption of new mobile technologies, applications and services that are unlocking new revenue streams for operators and enriching the mobile experience for consumers.”
  • BitFury Forms Strategic Advisory Board With Technology and Venture Industry Leaders - "BitFury Group, the leading Bitcoin infrastructure provider and Bitcoin transaction processing company, formed its strategic advisory board with two key appointments: Silicon Valley investor Jonathan Teo and former UMC Chairman and CEO Dr. Jackson Hu. BitFury also brought on Bob Dykes, founder and president of Tanjarine and former CFO of VeriFone, to its board of directors."

Updates from Glenbrook:

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!

August 21, 2014

Headline News from PaymentsNews.com - August 21, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

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!

July 30, 2014

Headline News from PaymentsNews.com - July 30, 2014

On the Web:

On the Wires:

  • First Data Announces Agreement to Acquire Gyft, the Leading Digital Platform that Enables Consumers to Buy, Send, Manage and Redeem Gift Cards Using Mobile Devices - “Gyft, with its mobile gifting platform, and First Data, with its global scale and distribution network, together will accelerate the growth of virtual prepaid with powerful new tools for merchants of all sizes to deepen their relationships with their customers,” said Guy Chiarello, president, First Data. “This means that the same robust toolset deployed by big box retailers will be coming soon to small- to mid-sized businesses, perfectly synched with our mission to offer innovative solutions to help our clients grow.”
  • Amazon Announces Additional US $2 Billion Investment in India - "We see huge potential in the Indian economy and for the growth of e-commerce in India. With this additional investment of US $2 billion, our team can continue to think big, innovate, and raise the bar for customers in India. At current scale and growth rates, India is on track to be our fastest country ever to a billion dollars in gross sales."
  • BitPay's New Plan: Free, Unlimited, Forever - “When we started BitPay in 2011, we saw an opportunity to finally give merchants around the world relief from interchange fees. By offering a basic plan that is free and unlimited, forever, we give merchants yet another reason to be excited about bitcoin.”
  • Bank of America Changes the Game With Preferred Rewards - “Preferred Rewards is the first program of its kind to offer clients benefits and rewards for everyday banking,” said Dean Athanasia, president of Preferred Banking at Bank of America. “It is the result of deep client research to develop and deliver a simple program that provides clients benefits and rewards they will actually use, and shows them how much we appreciate it when they choose to do more business with us.”
  • Blackhawk Network and Amazon Offer New Mobile Wallet Capabilities - "Blackhawk Network's expertise in gift card management provides our customers with access to the retailers they want and the digital experience that Amazon is committed to delivering," said Charlie Kindel, Director, Amazon Local Commerce. "Together we are helping consumers get the full value of their gift cards with the safety and convenience of storing them digitally. Instead of fearing they might lose or forget about them, they can have them on hand to use wherever and whenever they choose."
  • Heartland Payment Systems to Acquire TouchNet Information Systems, Inc. - “I am extremely pleased to announce the acquisition of TouchNet, which is not only Heartland’s largest acquisition to date, but is also an excellent complement to our existing Campus Solutions business that will immediately improve our growth profile and contribute to our bottom line,” said Robert O. Carr, chairman and CEO of Heartland Payment Systems.
  • Boku Unlocks India for Mobile Payments - “We knew early on that Qubecell had the right approach, the right people, and the right technical capacity to be a great fit with Boku,” said Jon Prideaux, CEO of Boku. “Now that our integration is complete we are providing existing Boku merchants – including top social media networks and global games companies -- with the very best access to the Indian market. Indian companies also now have access to Boku’s global network."
  • New Fiserv White Paper Outlines Immediate Mobile Payments Opportunities for Financial Institutions - "Titled “The Four Pillars of Mobile Payments: Immediate Opportunities,” the white paper outlines how a strategic approach to mobile payments starts with the services consumers are using today."

Updates from Glenbrook:

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!

July 01, 2014

Headline News from PaymentsNews.com - July 1, 2014

On the Web:

On the Wires:

  • MasterCard and Borderfree Team Up to Bring Exclusive Savings at Top U.S. Retailers - David Chan, Senior Vice President and Group Head, Market Development, South East Asia, MasterCard, said: “In an increasingly globalized world, consumers have a growing desire for the products and brands that these international online merchants carry. Through our partnership with Borderfree, we are able to provide MasterCard cardholders savings on shipping costs and an enhanced global shopping experience that is smooth, simple and most importantly secure.”
  • 1-800-FLOWERS.COM Partners with Coinbase to Accept Bitcoin - "Beginning this fall, 1-800-FLOWERS will be adding bitcoin as a payment option across its extensive family of gifting sites, including 1-800-FLOWERS.COM, FannieMay.com, Cheryl’s.com, ThePopcornFactory.com, 1-800-Baskets.com, FruitBouquets.com, and Stockyards.com."
  • Hold the Phone: U.S. Consumers Wouldn’t Last One Day Without Access to Their Smartphone - "Almost one in two (47 percent) U.S. consumers admit they wouldn’t last a day without their smartphone, and many consider their devices more important than daily staples such as coffee and television, according to a new report released today by Bank of America. Of those who use their phones for banking, almost one-third (31 percent) say they log on at least once a day, and four out of five (82 percent) access their accounts at least once a week or more."
  • State Bank of India Launches New Digital Online and Self-Service Banking Solutions with Support from Accenture - “InTouch is the start of SBI’s Digital journey,” said S K Mishra, deputy managing director, State Bank of India. “This is our attempt to put our brand in touch with the dreams of the aspirational customer. It’s a deep rooted transformation that has three aspects: a transformation of the customer experience we deliver; introduction of device centric technology that is at the forefront of our global peers; and transformation of the behavioral model of our staff-base to be even more customer centric.”

Updates from Glenbrook:

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!

June 23, 2014

Headline News from PaymentsNews.com - June 23, 2014

On the Web:

  • The Fed Gets Some Mojo? - PaymentsViews.com (Carol Coye Benson) - "I was delighted to hear that they believe that a new, faster-payments infrastructure may be the best option for our industry."
  • Bitcoin and Charities Were Made For Each Other, They Just Don’t Know It Yet - A VC (Fred Wilson) - "This talk brings together three of the things I have been spending most of my time on over the past year (crowdfunding, bitcoin, and philanthropy). If you want to hear me talk about the things that get me up and out of bed in the morning, come to this."
  • Exclusive: McDonald's Is Secretly Testing Its Own Order-Ahead And Payments App - Business Insider - "McDonald’s is quietly testing an order-ahead and mobile payment app at a tiny handful of its more than 14,000 U.S. locations."
  • BancSouth Wins Big - Bank Lawyer's Blog - "A recent Eighth Circuit Court of Appeals decision in favor of BankSouth bodes well for financial institutions who understand their obligations under UCC Article 4A and take those obligations seriously."
  • Card Wash: Card Breaches at Car Washes - Krebs on Security - "An investigation into a string of credit card breaches at dozens of car wash locations across the United States illustrates the challenges facing local law enforcement..."

On the Wires:

  • Bank of America Changes the Game With Preferred Rewards - “Preferred Rewards is the first program of its kind to offer clients benefits and rewards for everyday banking,” said Dean Athanasia, president of Preferred Banking at Bank of America. “It is the result of deep client research to develop and deliver a simple program that provides clients benefits and rewards they will actually use, and shows them how much we appreciate it when they choose to do more business with us.”
  • SimplyTapp Announces Self-Serve HCE Platform - "We are excited to make this exceptional offering to issuers and application developers; it is consistent the technology built into our agile and scalable platform. HCE is a new and tremendously empowering feature for card issuers, so it is important that the process of 'getting familiar with' and using the new technology be as friction free and open as possible," Doug Yeager, co-founder and CEO of SimplyTapp.
  • Housetab Mobile Application Launches in New York - "HouseTab is the only mobile payment app that provides convenient, multi-functional solutions for both payments and social networking, revolutionizing the social experience for its users."
  • American Express Names Laureen E. Seeger General Counsel - "Ms. Seeger, 52, has served as executive vice president, general counsel and chief compliance officer of McKesson since 2006."

Updates from Glenbrook:

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!

June 05, 2014

Headline News from PaymentsNews.com - June 5, 2014

On the Web:

On the Wires:

  • Bank Shot: How Merchants Find Themselves in a Game Without Refs or Rules When It Comes to Credit Cards - "A study commissioned by the Merchants Payments Coalition found that just introducing a modest measure of fairness to the debit-card business saved consumers almost $6 billion during the reform’s first year in effect and created more than 37,000 jobs. If Congress had also introduced the same level of fairness to credit cards, consumers would have saved another $15 billion and retailers would have created almost 100,000 more jobs."
  • Bank of America Merchant Services Expands to Canada - “Our U. S.-based clients continue to expand globally, and we believe this new organization will best serve their needs by providing best-in-class solutions,” said Tim Tynan, chief executive officer of Bank of America Merchant Services. “We are also honored and excited about servicing the needs of new, future clients in the Canadian market.”
  • American Express Serve® and Bluebird® Show You Where Your Money Goes With Free Tools That Track Spending and Budgets - "With these new tools, we’re making it simple for our customers to know where their money is being spent, so they can track and manage their finances easily,” said Dan Schulman, group president, Enterprise Growth at American Express. “We’re focused on providing comprehensive and affordable options for the nearly 70 million unbanked and underbanked households in America."

Updates from Glenbrook:

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 16, 2014

Headline News from PaymentsNews.com - April 16, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

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

On the Web:

On the Wires:

Updates from Glenbrook:

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

On the Web:

On the Wires:

Updates from Glenbrook:

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

On the Web:

On the Wires:

Updates from Glenbrook:

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

On the web:

On the wires:

Updates from Glenbrook:

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

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