Google has suspended business activity involving the transfer of hardware, software and key technical services with Huawei. Analysts say that could be a big blow to the...Technologyread more
Global dividends reached a first-quarter record of $263.3 billion, rising 7.8% despite concerns about the world economy, according to new reach Monday.Marketsread more
Huawei Technologies will immediately lose access to updates to the Android operating system, a source close the matter told Reuters.Technologyread more
Huawei claims it has developed its own operating system for smartphones and laptops for "extenuating circumstances."Technologyread more
Current geopolitical tensions are making it harder and harder for oil-producing nations to make decisions that will help stabilize crude prices, Russian Energy Minister...Oilread more
Oil prices jumped on Monday after Saudi Energy Minister Khalid al-Falih indicated there was a consensus among OPEC and allied oil producers to continue limiting supply.Energyread more
Bank, property and healthcare stocks jumped, pushing Australian markets to a 11-year high, as Scott Morrison and the Liberal-led conservation government are poised for a...World Marketsread more
Trump's threat, posted on Twitter, comes amid rising international tensions in the Middle East as the U.S. has dispatched a carrier strike group and bomber task force to the...Politicsread more
Trade tensions between the U.S. and China stalled a global recovery and are continuing to endanger investment and growth, the secretary general of the OECD warned Monday.World Economyread more
Prime Minister Narendra Modi and his Bharatiya Janata Party are set to form the new government again, exit polls from India's month-long parliamentary elections show. But past...Electionsread more
The latest crisis in the uneasy French-German relationship was accelerated by Trump's decision to stop Germany's comfortable and decades-old free-riding on trade and security...Europe Politicsread more
The tide may be turning against financial technology start-ups.
Wall Street banks are reclaiming market share from competitors in the form of billions of dollars in peer-to-peer payments. They've done so by simplifying how consumers transfer cash between each other.
Bank of America has processed $16 billion in mobile payments so far this year, CEO Brian Moynihan said in a speech at the Alliance Bernstein Strategic Decisions Conference in New York Thursday. Institutional players' push to take business back from mobile competitors is only just beginning.
This encompasses the bank's peer-to-peer payments, as well as other forms of digital payments, like mobile checking. When asked about the bank's mobile initiatives, Moynihan said the bank is "still investing" in digital development. He also pointed out that, for more popular methods of consumer payments, like checks, mobile options are becoming increasingly popular with the bank's customers.
Much of the $16 billion BofA processes in peer-to-peer payments is via the newly launched ClearXchange platform, a consortium of U.S. banks that banded together to use the same technology to allow consumers to transmit funds digitally. It lets bank customers transfer money between each other simply by using their mobile phone number or email address.
If it catches on, it could represent a threat to major financial technology companies, like PayPal.
ClearXchange's digital cash transfer program was launched earlier this year. It's a payment network that consisted of seven banks making up 60 percent of the mobile banking market. Other banks on the ClearXchange network include JPMorgan Chase, US Bancorp, Wells Fargo, BB&T, PNC and Capital One.
"We're going to have a real time system up and running," Jamie Dimon, JPMorgan Chase CEO said, at the same conference where Moynihan spoke, referring to ClearXchange.
The advantages banks provide consumers via ClearXchange will include a real-time payment function and the availability of larger cash denominations for transfer. However, not every bank on the network has fully implemented its services; roll-out will continue for consumers across 2016.
A ClearXchange representative declined to comment on the network's activity.
Bank of America is not the only bank seeing its mobile consumer business flourish, as Wall Street fights to reclaim the business of billions of dollars' worth of transactions from fintech companies.
Prior to the ClearXchange launch, JPMorgan Chase used its QuickPay application to help consumers transfer cash between accounts; a representative for the bank said that its customers processed $20 billion in transactions this way last year, but that this is only a fraction of the bank's total mobile banking payments processed. Chase launched QuickPay in 2010.