Bank of America’s CEO says consumer spending is still healthy despite steep interest rates. Spending has risen between 3% and 4% this month compared to a year ago, Brian Moynihan said in an interview with Bloomberg News Monday (May 13). He added that uptick is indicative of a slower-growth, lower-inflation...
Use cases for real-time payments have never been a source of argument, even among detractors. The ability to speed bill payment and peer-to-peer flows, as well as move money instantly, has been around for a while. The FedNow® Service debuted last summer, while The Clearing House’s RTP® network has been operating since 2017....
There’s no shortage of analysis these days about the effect inflation has had — and will have — on the banking and payments industry. But there are other implications as well. For example, inflation has also pressured the healthcare system, and here several companies are...
The shift toward digital channels in financial services shows no signs of slowing down, as evidenced by the latest earnings results from incumbent banks and financial services providers. During the first quarter, Bank of America logged a staggering 3.4 billion digital logins, with digital sales accounting for half...
May 02, 2024
Use cases for real-time payments have never been a source of argument, even among detractors. The ability to speed bill payment and peer-to-peer flows, as well as move money instantly, has been around for a while. The FedNow® Service debuted last summer, while The Clearing House’s RTP® network has been operating since 2017. But what will it take to bring these use cases […]
April 29, 2024
There’s no shortage of analysis these days about the effect inflation has had — and will have — on the banking and payments industry. But there are other implications as...
April 23, 2024
Management guru Peter Drucker once said that “wherever you see a successful business, somebody made a courageous decision.” That’s the spirit behind the Certainty Project, a study from PYMNTS Intelligence highlighting...
April 19, 2024
The looming specter of wire fraud has spurred lawmakers to press big banks for better defenses against bad actors — and a detailing of the impact the scams have had on consumers....
May 17, 2024
Washington Federal Bank, a wholly owned subsidiary of WaFd, has disclosed its agreement to sell some commercial multi-family real estate loans to Bank of America for about $2.9 billion. WaFd said in a Friday (May 17) filing with the Securities and Exchange Commission (SEC) that the deal involves 2,000 commercial multi-family real estate loans with a current aggregate unpaid principal balance […]
May 14, 2024
Bank of America’s CEO says consumer spending is still healthy despite steep interest rates. Spending has risen between 3% and 4% this month compared to a year ago, Brian Moynihan said in an interview with...
April 16, 2024
The largest U.S. banks are reporting a slowdown in lending. Bank of America and PNC were the latest to do so, with the former reporting Tuesday (April 16) that lending was “sluggish” and...
April 16, 2024
The largest U.S. banks cut a total of more than 5,000 jobs during the first quarter. They did so to control costs during an uncertain economic climate in which investors...
