Bank of America launches card payment


In today’s top digital banking news, Bank of America is expanding its business-to-consumer (B2C) payment offerings, while State Street’s exchange-traded fund business examines how it can leverage growing consumer demand for digital tokens like bitcoin. Additionally, the China Banking and Insurance Regulatory Commission (CBIRC) has introduced new rules on wealth management products for cash.

Bank Of America Launches Pay To Card To Advance B2C Payments

Bank of America is developing its B2C digital payment offers with its Pay to Card service. “As the payments industry continues to evolve, we are constantly investing and bringing to market new solutions and services that can help customers become more efficient and relevant to a growing set of stakeholders.” , Bank of America, responsible for global payments in global transaction services, David Kretz said in an announcement. The executive said this new addition to the bank’s B2C payments suite offers a new opportunity and convenience, while also being flexible.

State Street Mulls Crypto Exchange-Trading Funds

State Street’s exchange-traded fund business reflects on how it can tap growing consumer demand for digital tokens like bitcoin, as entities like 21Shares and ETC Group roll out or plan to roll out traded products on the bitcoin exchange (ETP). 21Shares announced in June that it will deploy its bitcoin ETP to Aquis this summer, while ETC Group recently launched its first bitcoin ETP in Britain. The news comes as State Street has launched its new State Street Digital arm, which will build on the company’s current digital capabilities. State Street is present in more than 100 geographic markets around the world.

China promulgates new rules for $ 1 trillion cash management market

The China Banking and Insurance Regulatory Commission (CBIRC) has put in place new regulations on wealth management products for cash, a move that imposes tighter controls on the trillion dollar market. The commission banned those offers from investing in convertible bonds in addition to stocks, according to a published report, and said the leverage level of each offer should generally not be more than 120%.



About the study: The AI ​​In Focus: The Bank Technology Roadmap is a research and interview-based report examining how banks are using artificial intelligence and other advanced IT systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series assessing the potential of AI in finance, healthcare, and other industries.

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