Robo-advisors using algorithm-based systems to provide financial advice to consumers will consign 25 million jobs in the financial and legal sector to the scrap heap over the next two decades says Bank of America, in a report which paints a bleak future for the human workforce as new robot workers transform the global economy.
An initiative to create a set of global standards for the use of distributed ledger technology in financial markets has picked up momentum, with another 13 major banks - including BofA, Deutsche Bank and HSBC - throwing their weight behind the plan.
Buoyed by a strong start in Korea, consumer electronics giant Samsung has launched its mobile payments service in the US, with support from the three major card schemes and banking giants Citi, Bank of America and US Bank.
Bank of America has filed a US patent application for a system and method that uses cryptocurrency technology for wire transfers.
Bank of America has given its mobile app a refresh, enabling customers to log in with their fingerprints and access accounts via the Apple Watch.
Samsung will introduce its mobile payments service in South Korea later this month, with Visa, MasterCard and several major banks onboard for a US launch in September.
InAuth, the leading provider of mobile fraud prevention and mobile application security, today announced that it has hired information security and financial services industry veteran Michael Lynch as its first Chief Strategy Officer.
A consortium of Wall Street banks has launched an instant messaging platform it hopes will loosen Bloomberg's vice-like grip on the market for real-time communication between traders.
Unveiling the latest of its best-in-class business management tools for business owners, First Data, the global leader in payment technology and services solutions, today announced the launch of Clover Mini, the newest member of the Clover family of products.
American bank-owned digital payments network clearXchange is rolling out a system that enables real-time bank-to-bank transfers.
© Finextra Research 2015