In today’s top news in digital-first banking, Bank of America is expanding its business-to-consumer (B2C) payment offerings, while State Street’s exchange-traded funds business is considering how it can harness increasing consumer demand for digital tokens like bitcoin. Plus, The China Banking and Insurance Regulatory Commission (CBIRC) has put new rules into place on wealth management products for cash.
Bank of America is growing its digital B2C payment offerings with its Pay to Card service. “As the payments industry continues to evolve, we are constantly investing and bringing to market new solutions and services that can help clients become more efficient and relevant to a broadening set of stakeholders,” Bank of America Head of Global Payments in Global Transaction Services David Kretz said in an announcement. The executive said this newest addition to the bank’s B2C payments suite extends new expediency and convenience, while being flexible as well.
State Street’s exchange-traded funds business is mulling how it can harness rising consumer demand for digital tokens such as bitcoin, as entities like 21Shares and ETC Group roll out, or plan to roll out, bitcoin exchange-traded products (ETPs). 21Shares said in June that it will roll out its bitcoin ETP on Aquis in the summer, while ETC Group recently launched its inaugural bitcoin ETP in Great Britain. The news comes as State Street has launched its new State Street Digital arm, which will build on the firm’s present digital capabilities. State Street runs in more than 100 geographic markets across the globe.
China’s Banking and Insurance Regulatory Commission (CBIRC) has put new regulations into place on wealth management products for cash, a move that puts more stringent controls on the trillion-dollar market. The commission prohibited these offerings from investing in convertible bonds in addition to stocks, according to a published report, and said the leverage level of each offering should typically not be higher than 120 percent.