Financial aggregators have been around for years, more than a decade in some cases. Yet recent reports indicate that some of the country's biggest banks are starting to push back against what they view as certain repercussions of these third-party services.
Early Warning, a bank-consortium backed fraud prevention and risk management platform, has agreed to acquire clearXchange, the digital payments network also owned by a bank consortium. The two companies, which have many overlapping backers, said the new combined company would merge risk, fraud and authentication assets with digital payments for a secure real-time payments offering.
Bank of America has filed a patent for a cryptocurrency wire transfer system. The patent, filed in March but just published by the US Patent & Trademark office last week, focuses on international wire transfer and suggests that its proposed model would be able to conduct international wire transfers more quickly than existing systems.
ClearXchange, the person-to-person payment network jointly owned by five of the largest U.S. banks, has launched real-time P2P payments. The technology is available immediately to existing members of the network and will be offered to all new members moving forward. Member banks are expected to begin implementing the technology for roll out to their customers over the next year.
The Commodity Futures Trading Commission is expected to announce fines in the alleged rigging of the $5.3 trillion-a-day currency markets any day now, according to published reports. The CFTC may levy fines of around $300 million against each firm it is investigating, according to anonymous sources cited by Bloomberg.
Recent analysis shows continued upward trend in Commercial & Industrial loan growth at banks.
Wellness programs and tools that employ wireless technology are among the strategies major corporations are using to improve employees' health and the state of U.S. healthcare, according to a report released yesterday by the CEO Council on Health and the Bipartisan Policy Center.
Growing reports out of London suggest that British Prime Minister David Cameron is increasingly frustrated with European Union policies, and he could soon warn Europe that he might support calls for a British exit from the European Union if no compromises are reached. The increasingly contentious tone reportedly has prompted foreign banks based in London to already begin exploring their options.
Americans are wedded to their cell phones, and nearly two-thirds have at least tried mobile banking. But comfort levels with mobile banking services vary by function, and while most are comfortable using smartphones to deposit checks, comfort levels with mobile wallets remain low, a Bank of America study shows.
Bank of America is planning to use customer-facing videoconferencing to staff 500 branches with specialists that sell specific financial products. The videoconferencing rollout follows a two-year trial at 85 branches in which 10,000 customer interactions were conducted through videoconference.