Today in the Connected Economy: Bank of America Sees Record Digital Use

Bank of America, CashPro, ACH

Today in the connected economy, Bank of America looks to up its spending on electronic banking after seeing a record number of log-ins last month.

Also global payroll solution developer Deel unveils its Instant Card Transfer solution with the help of Paysend, and corporate disbursements provider Onbe joins forces with financial services firm Equity Trust Company to help real estate investors pay expenses within their individual retirement accounts (IRAs).

Record Consumers Embrace Digital, Prompting BofA to Boost Tech

Record levels of consumer log-ins to its digital channels have Bank of America planning to increase its spending on electronic banking tools.

Customers logged in to the bank’s electronic platforms 2.8 billion times during the second quarter — an 11% increase year over year. Last month, users logged in 1 billion times, the highest month on record. The bank says it also has a record 55 million verified digital clients, an increase of 5% year over year.

“No matter what the environment, we’re ensuring that our clients have efficient, reliable and easy-to-use digital solutions to navigate their finances today, and to help them plan for tomorrow,” said David Tyrie, BofA’s chief digital officer and head of global marketing.

Deel, Paysend Partner on Instant Card Payments for Contractors

Global payroll solution developer Deel has launched its Instant Card Transfer solution, offering contractors a more direct way to get paid.

Made possible through a partnership with Paysend, instant card transfers are rolling out first to contractors in Ukraine, Belarus, Georgia, Honduras, the Philippines, Kazakhstan and the Dominican Republic. Deel eventually wants to extend the method to contractors worldwide.

“Hiring globally shouldn’t come with limitations, meaning paying contractors in certain countries shouldn’t be difficult,” said Deel Chief Operating Officer Dan Westgarth. “We’re excited to enhance Deel’s contractor experience by providing instant and reliable transfers, particularly in the new world of cross-border work. And we’re thrilled to partner with Paysend to do so. It’s an important milestone in helping businesses hire anyone, anywhere.”

Onbe, Equity Trust Offer Faster Disbursements to Real Estate Investors

Corporate disbursements FinTech Onbe has teamed with financial services firm Equity Trust Company to modernize the way real estate investors pay expenses within their self-directed individual retirement accounts (IRAs).

“Expense Pass, managed by Onbe on behalf of Equity Trust, eliminates the need for traditional checks and ACH [Automated Clearing House], and delivers a modern, agile disbursement program via virtual and physical cards, reducing the time to deliver funds for Equity Trust real estate investors,” the companies said in a news release.

The companies say Expense Pass virtual and physical cards give property owners fast access to funds to make improvements or to pay bills. They can also be linked to investors’ mobile wallets and are accepted at retail stores all over the country.

Nationwide Selects Moneyhub for Savings Account Sweeping

The U.K.’s Nationwide Building Society says it is deploying the open finance platform Moneyhub, offering customers the ability to open a savings account and fund it immediately.

Nationwide is a minority stakeholder in Moneyhub. Before this, Nationwide customers members would have to wait a few days until the account opened before they could transfer the money to meet account funding requirements.

The building society says that this led to nearly 8% of accounts being closed “as members would simply forget to credit the account.”

Banco Bradesco Buys Mexico’s Ictineo to Expand Outside Brazil

Brazil’s Bradescard, a subsidiary of Banco Bradesco, has reportedly agreed to acquire Ictineo Plataforma of Mexico in a bid to begin offering digital banking in that country.

Bradesco has operated a financing company in Mexico since 2010, but this represents its first retail banking venture outside Brazil. It plans to offer digital accounts, payroll loans and investment accounts.

“We can now have a digital bank and aim for a larger market share in a relevant market like Mexico,” Bradesco CEO Octavio de Lazari said, per the report.