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Bank of America has agreed to pay $7.65 million to settle charges that it overstated its capital levels because of incorrect accounting from its 2009 acquisition of Merrill Lynch.
September 29 -
Customers of Simple, a unit of BBVA, have complained in recent weeks about delays and failures in scheduled payments, highlighting digital-only banks' dependence on third-party providers and antiquated legacy systems.
September 15 -
Westpac New Zealand is upgrading its data centers, security infrastructure and software development as it seeks to quickly create products for mobile, wearable and other devices.
August 26 -
Americans are still looking for the same fundamental services from their banks. It's their expectations of convenience and accessibility that have changed and that's where digital offerings should come in.
September 18
Bank of America has launched a new offering that allows companies to make payments to their customers without checks.
The $2.2 trillion-asset financial institution launched Digital Disbursements on Tuesday, allowing corporate customers to pay consumers digitally. For example, payments are directly routed to a customer's bank account using either their email or mobile phone number.
Through this digital method, customers don't have to wait for a check to come in the mail. Digital Disbursements reduces end-to-end disbursement costs by as much as 75%, Bank of America said in a Tuesday press release, when compared to a physical check. Also, merchants could potentially save more than $1 billion annually by eliminating disbursement checks, the release said, citing data from an Aite group survey.
Another benefit this product offers corporate customers is that they no longer need to maintain a consumer's personal bank account information. A recent
Digital Disbursements is available to middle-market, large corporate and public sector clients, according to a Bank of America press release. The types of business-to-consumer payments that Digital Disbursements supports include rebates, refunds and claims.
"We are very proud to offer an alias-based business-to-consumer payments solution. Digital Disbursements is an important step in the evolution of the payments industry in the United States," Dub Newman, head of global transaction services in North America for Bank of America, said in the release.