JPMorgan Chase is offering a new non-analyzed business checking account, currently available only in Texas. The account includes Positive Pay or Reverse Positive Pay free via the Chase website, offers lower interest rates on business lines of credit, and allows linkage of up to 99 Performance Business Checking subaccounts. Click here for more information.
City National Bank is now issuing microchip integrated smart credit cards for business cardholders. These new cards add an extra layer of security to in-person transactions through an encryption technology and makes counterfeiting more difficult. This new chip technology is the standard for non-US card issuers, but City National will continue to issue the cards with both magnetic strips as well as the chips since many domestic merchant terminals still do not handle chip technology. Distribution of chip-enabled cards has been launched to current commercial cardholders with at least one international transaction within the past year. Click here for more information.
Westminster Savings Credit Union is the first credit union to offer mobile remote deposit capture in Canada. Any IOS smartphone can be used to deposit Canadian dollar checks into Canadian accounts. The service is free and available to members with no deposit dollar limit and no limit to the number of daily transactions, however only one check can be deposited at a time. Click here for more information.
Citi launched the newest version of its corporate foreign exchange platform, Pulse 2.0. The key upgrade to the platform is an enhanced exposure management module. This can assist multi-national corporations in tracking their cash flow and balance sheets as well as ensure transparency. Currently CitiFx provides access to 700 currency pairs in nearly 80 different countries and allows clients to deal in spots, swaps, forwards, & NDFs. Click here for more information.
Bank of the West launched a free mobile banking app for its Retail and Small Business customers available for iPhone, Android, and iPad. The new app gives clients the ability to view account activity, transfer funds, pay bills, locate a branch, and make deposits via mobile device. There are deposit limitations for certain high risk businesses. In addition, Quick Balance is available as an opt-in feature to check account balances without logging into their account. Click here for more information.
Bank of America Merrill Lynch announced the formal launch of a set of solutions for financial institution clients to address new requirements for conducting cross-border payments as outlined by the Dodd-Frank Remittance Regulation 1073 (DF-1073). The lead products addressing DF-1073 requirements are FXtransact White Label and Bank of America Merrill Lynch Information Exchange for Payments. These solutions provide clients comprehensive access to fee, tax, availability date information, and disclosure capabilities while reducing costs by improving straight-through processing and removing manual processes. Click here for more information.