Bank Of America Accused Of Aiding $102M Ponzi Scheme

PYMNTS

Bank of America has been accused in a lawsuit of providing more than 100 accounts, used to carry out a $102 million Ponzi scheme. Bank of America, N.A., Bank of America spokesman Bill Halldin had no immediate comment on the lawsuit. Legal Bank of America Investment fraud investors Lawsuit News Ponzi Scheme SEC What's HotAccording to Bloomberg , the class-action suit, Heinert v. was filed in U.S.

Bank Of America Deploys Biometrics For Enterprise Mobile Banking

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According to Tom Durkin, Bank of America ‘s head of digital channels, financial institutions have a new opportunity to embrace this development. ” A 2017 survey from Bank of America found a 14 percent increase in the number of consumers using mobile banking apps compared to 2015. Today (July 2), Bank of America announced its latest initiative in corporate mobile banking. Enterprise processes are starting to look a lot more like the consumer world.

NovoPayment Launches API Platform In Latin America

PYMNTS

Earlier this month, NovoPayment , a digital finance and transactions firm, announced news of the launch of its Developer Hub, one of the first such platforms servicing Latin America, according to a press release. Its clients include banks, financial institutions and others throughout the Americas. Merchant Innovation Anabel Perez APIs banking financial services Innovation Latin America News NovoPayments

NIS America Hit By Data Breach

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Nippon Ichi Software announced news that its American division, NIS America, was the victim of a major data breach that exposed the personal and financial data of online customers. 26, we became aware of a malicious process that had attached itself to our checkout page,” NIS America said in the email. Afterward, the malicious process would return the customer to the NIS America store page to complete their transaction.”.

Latin America Enjoys A Boost In Its Digital Prospects

PYMNTS

What will it take to make Latin America more digital — in payments, commerce, FinTech or even healthcare? Cash remains king in the region, with about two-thirds of consumers in Latin America preferring that payment method over credit, according to estimates. That’s a high hurdle for any company hoping to win profit via digital channels in Latin America. Looking at the data, penetration of mobile phones in Latin America is similar to the case of M-Pesa.

Bank of America to Invest $500 Million in Technology to Drive Innovation and Sales

Bank Innovation

Bank of America will invest about $75 million per quarter in technology from now through the rest of 2019, the bank reported in its earnings call today. Cards Commerce Exclusive Innovations Lending Mobile Online Open Fintech Operations Payments PFM Premium Retail Bank of America Erica Zelle

Bank Of America’s AI Assistant Surpasses 1M Users

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Bank of America announced Tuesday (June 12) that Erica, its AI voice-activated virtual financial assistant that is available through its mobile banking app, has surpassed one million users. In a press release , Bank of America said the milestone was achieved within two months of completing the phased rollout of Erica, which is now available to mobile clients nationwide.

America’s Credit Union Links SMBs To Veem Payment Services

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Cross-border small business payments company Veem is partnering with America’s Credit Union (ACU) to expand its reach to small business (SMB) customers. B2B Payments America's Credit Union API B2B Credit Union cross-border payments News SMBs Veem What's Hot In B2BACU will link its SMB clients to Veem’s global payment services, the companies said in a press release on Wednesday (May 2).

Bank Of America Branches Into Data Sharing

PYMNTS

Bank of America is treading familiar ground for an big bank – Chase, Capital One and Wells Fargo have all made similar integrations with the likes of Intuit, Xero and Finicity. “We We value customer choice and want customers to securely access their information when and where they want,” says Moore, head of digital banking at Bank of America. Banking News Bank of America banking What's Hot

America’s Daunting Debt Picture

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There is much to like in the current economic snapshot of the U.S. The overall unemployment rate has slipped below 4 percent — the lowest it’s been in nearly 20 years. After a brief dip in consumer spending early in the year, consumer enthusiasm for shopping seems to have returned as sales numbers in retail have been stronger than expected of late. Even big brick-and-mortar players like Macy’s have shown signs of reversing their recent ill fortune by luring customers back into their stores.

Tesla Opens Shop For Rentals At Mall Of America

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The business, which is called TREVLS, opened at the Mall of America in Bloomington. We’re thrilled that our first location is within Mall of America, which allows us to reach more drivers switching to electric vehicles,” John Marino, founder and CEO of TREVLS, told Chain Store Age. Innovation electric cars Elon Musk Mall of America News Retail Tesla What's Hot

Bank Of America Bans Crypto Purchases Using Its Credit Cards

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Bank of America (BofA) officially announced it “will begin declining credit card transactions with known cryptocurrency exchanges” today through a memo distributed to employees on Thursday (Feb. Bitcoin Bank of America bitcoin cryptocurrency jpmorgan News Payment Methods What's HotThe second-largest U.S. bank is banning customers from purchasing cryptocurrencies using its credit cards, according to Bloomberg reports.

Bank of America Merrill Lynch’s API Gateway Seeks to Connect EMEA Clients with Fintechs

Bank Innovation

EXCLUSIVE- Echoing the mandate of PSD2, Bank of America Merrill Lynch today unveiled an API gateway that seeks to connect its commercial clients to fintechs and other third-party vendors. Bank of America Merrill Lynch […].

Bank Of America Venture Lays Off 10% Of Staff

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Bank of America Merchant Services laid off about 10 percent of its staffers last week, with sources saying that the cuts are the result of restructuring. In 2013, Bank of America Merchant Services was the top U.S. While that purchase-volume metric had grown to $546 billion by last year, Bank of America slipped to the second-largest acquirer by Visa and Mastercard purchase volume after J.P. Personnel Bank of America BoA first data Merchant Services News What's Hot

Bank of America to Launch Erica This Month

Bank Innovation

EXCLUSIVE – Bank of America is all set to launch its AI powered bot Erica this month, Michelle Moore, head of digital banking at BofA told Bank Innovation. Exclusive Innovations Mobile Online Operations Payments artificial intelligence Bank of America chat bot Erica machine learning

Bank Of America’s Authentication Mantra

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Security & Fraud authentication Bank of America Bank of America Merrill Lynch Digital Identity Tracker Main Feature Socure Tracker Series What's happening nowBoA finds success in simplicity and security .

Bank Of America Faces Backlash After Eliminating Free Checking

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Bank of America is facing backlash from customers who’re getting shut out of the company’s free checking account offering. According to news from CNBC, citing Mel San, a Bank of America customer who started a Change.org petition that has gained 46,000 signatures so far, customers are upset that Bank of America is doing away with its eBanking checking account that gave them access to free checking. This is what made Bank of America different,” wrote San, according to CNBC. “I

Bank of America Teams Up With ModoPayments

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Bank of America Merrill Lynch, a player in transaction services, and ModoPayments, a digital payments company, announced Thursday (Oct. In a press release , the companies said, through the hub, Bank of America Merrill Lynch clients will have the ability to connect with multiple emerging payment networks. Additionally, collaborating with Modo will allow Bank of America Merrill Lynch to rapidly explore additional areas of innovation in transaction services. “We

America Can Now Literally Run On Dunkin’

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When Dunkin’ Donuts came up with the slogan “America runs on Dunkin,’” the company was pretty clearly being metaphorical. That’s no longer the case, as the fast food company has decided to take a turn for the literal in their newest marketing campaign.

Bank Of America Beats 1Q Estimates, Mobile Makes Double-Digit Gains

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Continuing the run of earnings beats for banks, Bank of America announced news on Monday (April 16) that loan growth helped lift results above Wall Street estimates, while digital initiatives showed strong momentum. As for credit quality, Bank of America said in its release that “overall credit quality remained strong across both the consumer and commercial portfolios.”. Earnings Bank of America Digital Banking earnings loans mobile News P2P revenue Wall Street What's Hot Zelle

Bank of America Taps Messenger To Engage Customers

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Bank of America just took a major step toward extending its mobile banking services to a growing base of millennials that are steering away from traditional banking. Mobile Bank of America chatbot Facebook What's Hot

Today In Data: Bank Of America And Biometrics

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Additionally, Bank of America is looking to strike a difficult balance between customer convenience and security from data breaches. “We We need to know what our customers really want to use before we can commercialize something and put it out to [them],” said Hari Gopalkrishnan, managing director of Consumer-Facing Platforms and Technology for Bank of America.

Corporate America Hinges On Presidential Election

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The stakes are high for businesses of all sizes, and the latest data on corporates in America makes that abundantly clear. ” B2B Payments 2016 Presidential Election B2B Cash Management Corporate America corporate finance Featured News small business employmentIt’s one day to election day in the U.S., and as always, national economic issues are at the top of voters’ minds.

Bank of America Merrill Lynch Announces New Virtual Payables Feature

Bank Innovation

EXCLUSIVE – Bank of America Merrill Lynch has added a new feature to its Virtual Payables product, an offering which allows its commercial clients to automate post-invoice payments.

How Bank of America’s Virtual Assistant Erica Works [VIDEO]

Bank Innovation

Bank of America expects to be finished rolling out its AI-driven virtual assistant Erica by mid-summer. Exclusive Innovations Open Fintech Operations Payments PFM Premium Bank of America Erica virtual assistantThe bank first launched Erica in March and will continue rolling out Erica through June, according to an email sent to Bank Innovation. Here is a map of the states where Erica is live. See how Erica works in […].

Entersekt Opens North America Headquarters As Business Grows

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Entersekt , the push-based authentication and app security company, announced Tuesday (June 12) that it has opened a new office in Atlanta, Georgia, aimed at supporting the company’s growth and serving as the headquarters in North America. In a press release, Entersekt said that with financial institutions (FIs) and other outside industries seeking innovative, user-friendly ways to authenticate sensitive data and accounts, its business in North America is growing.

Bank of America Brings PFM Features to Latest App Update

Bank Innovation

EXCLUSIVE - Bank of America today notified its mobile app customers of a new feature with PFM functionalityr The new "Goal Tool," can be accessed through the mobile app. Exclusive Mobile Payments PFM Premium Bank of America Mobile Apps Mobile banking online banking savings

Zelle Use Surges at Bank of America

Bank Innovation

EXCLUSIVE – Bank of America had five million transactions via the digital payments service Zelle in October alone, an amount 35% higher than the average 3.7 Exclusive Mobile Online Open Fintech Payments Retail Bank of America P2P P2P payments PayPal Square Cash Venmo Zelle

Don’t look to America for innovation

Chris Skinner

I recently wrote this piece for Raconteur’s Sunday Times supplement, and thought it might interest The Finanser’s readers: ‘When we in the West look to America for innovation, we are looking the wrong way’ I often talk about the world of change we are going through and how Europe and America are … The post Don’t look to America for innovation appeared first on Chris Skinner's blog.

Bank of America Lays Foundation for Merchant Payments-Focused Lab

Bank Innovation

EXCLUSIVE – After its recent partnership with digital product Innovation Company Stuzo, Bank of America’s merchant services business is laying the foundation for an innovation lab. “It

Bank of America Reports Strong Mobile Growth, Especially Deposits

Bank Innovation

Innovations Mobile Online Bank of America Chase Mobile banking online banking Wells Fargo

America’s Expanding Debt Footprint (And What It Really Means)

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When the Great Recession kicked off a decade ago, for a brief but memorable time, it seemed as though credit in the United States was never going to recover. And not just one branch of underwriting — for a short while there, it seemed like all of it had hit Game Over status — with consumers; SMB and even enterprise-level lending slowed to a near stop.

Bank of America Back on Windows

Bank Innovation

After a yearlong absence, Bank of America’s mobile app is now available on Windows mobile devices. Innovations Mobile Online app Bank of America Microsoft Windows Windows 10

Bank of America Files for More Blockchain Patents

Bank Innovation

Bank of America filed for nine more blockchain patents. In total, Bank of America now has filed for over 30 blockchain patents since last year. Cryptocurrency Exclusive Mobile Payments Bank of America BlockChain paymentsThese filings were recently made public by the U.S.

Bank of America, Chase the Latest Banks to Buy into Blockchain

Bank Innovation

So much has happened with blockchain over the past couple of weeks—so very much—but let’s talk about the banks: Firstly, Bank of America is the latest to join the ranks of financial institutions experimenting with blockchain.

Pay Via Selfie? Now Available In Latin America

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Canada and the Netherlands, as well as a larger launch in Europe this year, Mastercard is now unveiling Identity Check Mobile to Latin America. Smartphone penetration in Latin America was about 32 percent in 2014 and is expected to grow to nearly 70 percent by 2020. Payment Methods identity check mobile Latin America MasterCard payments Retail selfie payAfter fruitful trials in the U.S.,

Social Startup Beek Eyes Latin America eCommerce Future

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Beek is popular in Latin America and currently reports about 250,000 monthly active users, said TechCrunch. The company eventually hopes to grow its presence as a source of user-generated online reviews across Latin America. Amazon is not really popular in Latin America,” Valdes told TechCrunch. Retail Amazon Beek books ecommerce Latin America Mercado Libre social commerce social network Startup

Bank Of America To Enter High End Rewards Credit Card Market In The Fall

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Bank of America is getting into the high end rewards credit card battle, rolling out the Bank of America Premium Rewards credit card in September. For Bank of America customers who have $20,000 or more in a checking, savings or investment account with the company, they will earn more points. Customers with $50,000 to $100,000 in a Bank of America account earn 3 points for every dollar spent on travel and dining and 2.25

Will AI Lead to Open Banking in North America?

Bank Innovation

This is according to Richard Arundel, general manager, North America for financial technology provider Currencycloud, who noted […].

Bank of America Sees “Overwhelming” Growth in Zelle Numbers

Bank Innovation

EXCLUSIVE — It’s another great quarter for Bank of America in terms of number of users of its P2P payment app Zelle. Exclusive Mobile Payments Bank of America Early Warning P2P payments Venmo ZelleThe bank just released numbers for the Zelle app in Q4’17 that shows it processed more than 23 million transactions amounting to almost $7 billion. That’s a 91% increase from the prior year […].