Tag - Bank of America
It is now possible to get money out from a bank account via Apple Pay, as Bank of America has started to roll out ATMs capable of using Apple Pay for transactions in a limited number of markets. Hinted at earlier this year, the first ATMs that are compatible with Apple Pay for withdrawals have been spotted in California, expanding a recent pilot program consisting of two ATMs based in the Bay Area of San Francisco into other markets.
US megabank Bank of America has reported that nearly 800,000 of its customers -- representing 1.1 million credit or debit cards -- have signed up for Apple Pay over the last three months. The bank has recently started advertising the service in TV spots, calling it a "new, easy, secure, smart way to pay" using the Touch ID and other technology built into Apple's latest iPhone models. While no data on the volume of transactions was mentioned, the service continues to grow.
Siri will have at least some commands related to Apple Pay, according to sources "close to Apple" cited by Bank Innovation. The site says that it has confirmed this to an extent itself; on an iPhone 6 with iOS 8.0.2, telling Siri to "open my Bank of America credit card" will open up Passbook, rather than a Bank of America app. Doing so also prompts users to enter their passcode or Touch ID.
In preparation for its mobile payment technology, Apple has successfully negotiated deals with five major financial institutions -- American Express, JP Morgan Chase, Citigroup, Capital One, and Bank of America -- to lower transaction fees, sources say. One linchpin was convincing them that mobile payments constitute "card present" transactions, which have a lower discount rate than their opposite, owing to lower fraud risk. That card-present rate has been dropped another 15 to 25 basis points however, meaning that Apple should get a roughly 10 percent discount on processing rates.
During Bank of America's (Product) RED promotion on iTunes, over 3 million copies of U2's newest single were downloaded, according to an announcement. Over 1 million of those went out during the first hour after an ad promoting the deal ran during the Super Bowl. As a result of the initiative, over $3 million should go towards the Global Fund to fight AIDS, tuberculosis and malaria.
Bank of America will donate $1 to (Product) RED for every download of U2's free "Invisible" single on iTunes, the company announced during last night's Super Bowl. (Product) RED is an initiative which directs money from specially-branded products to the Global Fund, a charity dedicated to fighting AIDS, tuberculosis and malaria. RED was co-founded by U2's lead singer Bono in 2006.
Apple is among of a number of US corporations that have agreed to change hiring practices to avoid discriminating against the long-term unemployed, says the New York Times. The pledge comes at the behest of President Obama, who is hosting a meeting of CEOs at the White House later today to promote his efforts. White House officials say that about 300 businesses have agreed to alter hiring policies, including 21 of the 50 biggest American corporations, and 47 out of the top 200.
Bank of America is adding video conferencing to its automatic teller machines. The video chat facility will allow bank customers to see and speak to tellers in order to perform more advanced bank transactions than would normally be available to an ATM user, as well as providing a more personal experience to users.
Bank of America has begun testing a new mobile payment system using iPhones and Android phones, Reuters reports. The technology was developed by a company called Paydiant, and unlike a previous trial, doesn't depend on phones and stores being equipped with NFC technology. Instead payment card data is stored on a server, and when a person goes to pay, they load an app that scans a QR code displayed at a register. Five merchants in Charlotte, North Carolina are known to be participating, but Paydiant has refused to name any other parties involved in the trial. Only BoA workers are able to use the system at the moment.
The Financial Services Information Sharing and Analysis Center warned banks to be on heightened alert after Bank of America and JPMorgan Chase experienced unexplained outages of public-facing websites on Wednesday. The warning cited "recent credible intelligence" as the justification for raising the threat level similar to that of the Department for Homeland Security scale from "elevated" to "high."