While companies around the world are taking note of the growing emergence of mobile and digital payment applications, many treasury departments still grapple with the continued existence and enormous cost of paper payments. Clients at the Bank of America Merrill Lynch Conference on Payments and Commercial Card continued to identify that fully converting their payments to electronic was their No. 1 priority in improving their working capital in 2015.
Mitsubishi UFJ Financial Group, a major credit card issuer, announced the opening of a Bank of Tokyo-Mitsubishi UFJ (Canada) – BTMU Canada – office in Calgary.
Bank of America has introduced a new payment solution that enables companies to make payments to their customers digitally, eliminating the need to issue a check. With the new Digital Disbursements payments are directly routed to the bank account of the individual payee’s choosing using either a mobile phone number or email address as the identifier.
SMB (Small Mid-Market Businesses) are also in the crosshairs of fraudsters. About 58% of defrauded micro and small businesses ($100K-$10M in annual revenue) experienced misused credit card accounts last year, while 52% of middle-market businesses ($10M-$500M in annual revenue) experienced credit card fraud in 2013.
Scanbuy mobile engagement solutions provider announced the company has engaged Connecticut-based OmniView Capital Advisors for its business and financial services. Scanbuy operates the cloud-based mobile engagement platform ScanLife, as well as the most popular mobile engagement app in the world, with millions of users discovering new information from their real-world environment. The mobile app is available for free on all major platforms, including Android and iOS. Scanbuy mobile engagement solutions power intelligent connections between the physical and digital world. The ScanLife suite of products consists of a cloud-based platform used by a wide variety of industries including retail, CPG, and media to create, manage and monitor dynamic mobile engagement campaigns.
Bank of America Merrill Lynch, a leader in card services for middle-market, large corporate and public sector clients, today announced that it is expanding chip and PIN technology to all purchasing and travel credit card products available to clients in the United States. This is the latest development in the company’s ongoing effort to rollout EMV® (EuroPay Mastercard Visa) technology to its global client base. BofA Merrill first introduced chip and PIN technology on corporate travel and expense (T&E) credit cards in Europe in 2010 and in the United States in 2012. The bank began issuing chip-enabled purchasing cards in 2013. Together with T&E cards, more than 100,000 chip and PIN cards across the portfolio have been issued to clients in the United States alone.
Union Bank launched its Receivables Straight through Processing (Receivables STP) Solution for the company’s commercial clients. Receivables STP demonstrates Union Bank’s commitment to innovation and is a key component of the bank’s suite of comprehensive receivables solutions aimed at improving the overall receivables processing experience. Receivables STP is a receivables management solution that enables businesses to dramatically improve their working capital management. The solution includes a robust translation engine and deductions management module that helps reduce losses associated with deductions and/or chargebacks. Users can review exceptions and make adjustments in real time, posting entries directly to their back office General Ledger (GLs). It includes an internal routing workflow engine allowing users to route exceptions to designated employees, accessing images for paper payments.
Digital Insight technology solutions to financial institutions announced John O’Malley CEO, an experienced financial services and technology veteran who brings over 30 years of knowledge. O’Malley joins Digital Insight with prior experience as the CEO of Panini, a provider of payment technology. Prior to that he was the CEO of Memento, which was acquired by FIS, and President and CEO of Harland Financial Solutions where he led its growth from a small subsidiary to one of the leading providers of financial technology in North America. He has also held senior positions with Fiserv, Hogan Systems (now part of Computer Sciences Corp) and the J.H. Harland Company (now part of MacAndrews and Forbes). O’Malley also brings strong experience and innovation to both traditional and alternative payment solutions. He has extensive knowledge in global finance, enterprise sales and fulfillment solutions, enterprise big data, fraud and risk management.
Bank of America launched its ATM with Teller Assist next-generation banking offering. Combining the technology and convenience of an ATM with the human touch of a teller, this new technology gives customers access to a range of services during extended hours to address their daily banking needs. It also provides convenience, control and flexibility over how, when and where they bank. Using the new ATMs, customers can speak with a Bank of America teller via real-time video and receive the same quality of personal assistance they would if they walked up to a banking center counter. The “ATM with Teller Assist Cash” lets users cash checks for the exact amount, including receiving change; receive cash withdrawals in a variety of denominations ($1, $5, $20 and $100), deposit checks with cash back (future functionality), split a deposit into two or more accounts (future functionality).
Bank of America announced that Adriana Kong Romero has been named market president for Tucson and Southern Arizona. To serve as the enterprise leader in the region, she will work with company leaders to help deliver a wide range of global financial services to more individuals and businesses locally as well as deepen relationships with existing customers. She will also oversee corporate social responsibility activities including philanthropic giving, community development lending and investing, environmental initiatives, diversity efforts, arts and culture projects, and employee volunteerism. Romero is also a senior client manager for Bank of America Merrill Lynch’s Business Banking Group in Tucson and Southern Arizona, which provides strategic, integrated financial advice and solutions to small and mid-sized businesses. She has also worked on growing and expanding the healthcare industry focus for Arizona and the Business Banking Central Region. She is a graduate of the University of Arizona with a B.S. in finance and holds an M.S. in organizational management from University of Phoenix.
Fiserv financial services technology announced Union Bank has deployed its “CheckFree RXP” electronic bill delivery and payment for online and m-banking. The “CheckFree RXP” platform leverages the Fiserv biller network to enable electronic bill payment, connecting thousands of businesses to financial institutions and consumers. Its “Payment Assistant” feature allows Union Bank customers to receive, view and pay all their bills in one place. Customers will retain control over the payment process by choosing the date they want their bill to be paid from an interactive calendar. Customers will also enjoy faster payment delivery, as most payments made via CheckFree RXP can be delivered the next business day or the same day.
Bank of America introduced its BankAmericard Better Balance Rewards card. Rewarding customers with up to $100 annually for responsibly managing their monthly credit card payments, the new card allows customers to receive $25 for every quarter that they pay any amount more than the monthly minimum due and make payments on time. Also, cardholders receive $25 quarterly cash rewards when payments are made on time and for more than the minimum amount due, $5 bonus per quarter for having another qualifying Bank of America account and can choose to have their cash rewards automatically credited to their card balance or deposited into a Bank of America checking or savings account or Merrill Lynch Cash Management Account with no annual fee.