Bank of America
Bank of America became the first bank to launch a broad rollout of cardless ATM technology Wednesday, when it announced plans to bring the technology to 5,000 ATMs by year end. The bank also said that it has extended the technology to include support for Android Pay.
Bank of America is partnering with Facebook Messenger to reach customers with real-time alerts and other yet-to-be revealed features. The announcement of the partnership coincided with Facebook's developer conference this week, which launched a new Messenger Platform that has evolved to include bots and a send/receive API for added functionality.
Bank of America and US Bank announced this week that they are live with a service enabling customers to send each other secure, real-time person-to-person payments. The banks are using Early Warning's clearXchange network to provide the service, and they are the first major bank users to adopt that organization's new secure instant payment service.
Bank of America is in the process of a multi-year IT transformation, aimed at creating a more flexible infrastructure that should eventually enable the firm to do more computing with less hardware. The initiative involves transitioning some of its processes to a software-defined infrastructure.
Bank of America is reportedly planning to add 20 bitcoin patents to the more than a dozen that it has already filed, according a top technology executive at the bank.
As Morgan Stanley announced that it swung to profit last quarter, the firm revealed that it sees expense reductions and efficiencies as key to continued profitability. The firm earned $908 million, or 39 cents a share in the fourth quarter of 2015, compared to a loss of $1.63 billion, or 91 cents a share in the year earlier period, which includes legal settlement costs.
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.