Mobile Banking & Payments
Bank of America Merchant Services is expanding its U.S. electronic payments processing services to Europe to better serve global customers. The company has opened a European unit, BofA Merrill Lynch Merchant Services (Europe) Limited, in London to support the expansion.
Last fall, Western Union partnered with fast-growing social media app WeChat to enable U.S. customers to send payments cross-border to 200 countries. In February, the 165-year-old global money transfer company inked a similar a deal with mobile messaging app Viber, allowing Viber's customers to send money internationally to friends and family from their mobile phones.
When customers of India's new digibank have a question, they text a virtual assistant ingrained with deep financial knowledge and ready with quick answers to thousands of questions. Digibank, a new mobile-only bank in India, is supported by an artificial intelligence-based virtual assistant from Kasisto, a spinoff of SRI International, the company that sold Siri technology to Apple in 2010.
Ribbit.me, the company that has built a distributed ledger-based loyalty and rewards network, is renaming itself Loyyal. The company is developing technology to introduce interoperability to the world of loyalty rewards, with multibranded rewards.
Goldman Sachs announced Monday that its Goldman Sachs Bank USA subsidiary, known as GS Bank, has completed the acquisition of the online deposit platform of GE Capital Bank. To coincide with the completion of the acquisition, GS Bank launched a new website showcasing its new online deposit offerings.
The partnership between SAP Ariba and PrimeRevenue announced last week gives the approximately 2 million businesses that use the Ariba Network for supply chain management access to tools for managing one more critical component in the supply chain: liquidity.
Twenty-one banks have signed on to pilot test SWIFT's "global payments innovation initiative," a project aimed at modernizing cross-border payments by improving transparency and enabling same-day use of funds.
Simple, the mobile bank acquired by BBVA Compass in 2014, will move all its customer accounts to BBVA's Open API platform later this year. The move will make Simple the first actual user of BBVA's Open API platform in the United States.
Overstock.com Inc. is investing $4 million in Bitt, a Caribbean financial technology company that aims to increase access to financial services in the Caribbean region through the use of digital currency.
Norway's DNB Bank is planning a major restructuring of its branch infrastructure in response to a significant shift toward digital banking on the part of its customers. The bank plans to close more than half of its remaining branches and trim an additional 600 employees.