In today’s top digital banking news, Bank of America is expanding its business-to-consumer (B2C) payments offerings, and State Street’s ETF division is looking at how the growing consumer demand for digital tokens such as bitcoin can be leveraged. In addition, the China Banking and Insurance Regulatory Commission (CBIRC) has introduced new rules for cash asset management products.
Bank Of America Launches Pay To Card For B2C Advance Payments
Bank of America is expanding its B2C digital payment offerings with its Pay to Card service. “As the payments industry continues to evolve, we continually invest and bring to market new solutions and services that can help customers become more efficient and relevant to a wider range of stakeholders,” said David, Head of Global Payments at Global Transaction Services Bank of America. Kretz said in an ad. According to the head, this newest addition to the bank’s B2C payment package improves efficiency and convenience, and is also flexible.
State Street creates cryptocurrency exchange-traded funds
The State Street exchange-traded fund business is pondering how to leverage the growing consumer demand for digital tokens like bitcoin as organizations such as 21Shares and the ETC Group deploy or plan to release exchange-traded bitcoin (ETP) products. In June, 21Shares announced that it would launch its Bitcoin ETP on the Aquis in the summer, while the ETC Group recently launched its first Bitcoin ETP in the UK. The news came when State Street launched its new digital division, State Street Digital, which will build on the firm’s existing digital capabilities. State Street operates in over 100 geographic markets around the world.
China Introduces New Rules for $ 1 Trillion Cash Management Market
The China Banking and Insurance Regulatory Commission (CBIRC) has introduced new rules on cash asset management products, which provides for stricter control over the trillion dollar market. The Commission has banned these offers from investing in convertible bonds in addition to equities, according to a published report, and said that the leverage level of each offer should generally not exceed 120 percent.