Latest news with #JayDavenport
Yahoo
17-06-2025
- Business
- Yahoo
BofA Clients Embrace the Latest $10 Million Limit on US Real-Time Payments
Bank of America Corporation (NYSE:BAC) is among the 11 Best Financial Services Stocks to Buy Right Now. It has made it possible for business clients to use the new $10 million limit for real-time payments on the RTP® network. A professional banker providing consultation to a customer in the security of his office. This comes after The Clearing House recently raised the ceiling from $1 million. More than half of Bank of America Corporation (NYSE:BAC)'s real-time payment value in the United States now consists of transactions totaling over $1 million in just six weeks. The bank played a key role in the development of the RTP network as a co-owner of The Clearing House. The increased transaction cap expands BofA clients' use cases to include real estate closings and corporate deal settlements. Bank of America Corporation (NYSE:BAC)'s head of Global Payments Products, AJ McCray, stated the wider uses and effectiveness that instant payments allow. GPS Global Corporate Sales co-head Jay Davenport identified advantages like increased cash flow and transparency. The RTP network offers instant settlement and remittance communications and operates around the clock in accordance with ISO 20022 standards. Bank of America Corporation (NYSE:BAC)'s corporate reach spans 94% of the Fortune 500 and 73% of the global Fortune 500. While we acknowledge the potential of BAC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025. Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
10-06-2025
- Business
- Finextra
BofA clients embrace new $10 million limit in US real-time payments
Recent action from The Clearing House to increase the transaction limit on real-time payments from $1 million to $10 million is fueling new use cases in business-to-business payments among Bank of America clients. 0 The bank is one of the first financial institutions to enable its corporate customers to send payments up to the new transaction limit. As one of the owners of The Clearing House, Bank of America played a significant role in developing the RTP® network in consultation with peer banks, technology firms and the U.S. Federal Reserve. 'Our clients have been using RTP to pay vendors, employees and customers, but the larger cap has opened up use cases for different kinds of transactions, such as real estate and deal closings and other corporate activity,' said AJ McCray, head of Global Payments Products, Global Payments Solutions (GPS) at Bank of America. In the first six weeks since the transaction limit was raised, BofA corporate clients have increasingly taken advantage of the limit increase, with transactions over $1 million now accounting for more than half the value of all U.S. real-time payments the company is processing. 'The instant nature of real-time payments is a huge advantage for optimizing working capital and cashflow,' said Jay Davenport co-head of GPS Global Corporate Sales at Bank of America. 'RTP payments embody some of the most commonly requested features from our customers - convenience, transparency and resiliency.' Key features of the RTP network The network operates 24 hours, 7 days a week including holidays and weekends. Payments are settled immediately, regardless of time of day. The originator of a payment has transparency into the status of transaction, including whether it has been accepted or rejected. The recipient receives a payment within seconds. RTP uses ISO 20022, the international standard for financial messaging. This robust message standard offers multiple options for the originator to incorporate detailed remittance information with the payment. As real time payment adoption continues to rise, companies can explore new applications such as just-in-time supplier payments, complete real-estate transactions, and account to account money movement. Bank of America serves 94% of the Fortune 500 and 73% of the Global Fortune 500. Besides U.S. RTP network connectivity, these clients can take advantage of the full range of payment capabilities such as commercial card, ACH, wire and transactional FX solutions, in addition to the bank's own innovations, Recipient Select and Digital Disbursements.
Yahoo
10-06-2025
- Business
- Yahoo
BofA Clients Embrace New $10 Million Limit in U.S. Real-Time Payments
NEW YORK, June 10, 2025 /PRNewswire/ -- Recent action from The Clearing House to increase the transaction limit on real-time payments from $1 million to $10 million is fueling new use cases in business-to-business payments among Bank of America clients. The bank is one of the first financial institutions to enable its corporate customers to send payments up to the new transaction limit. As one of the owners of The Clearing House, Bank of America played a significant role in developing the RTP® network in consultation with peer banks, technology firms and the U.S. Federal Reserve. "Our clients have been using RTP to pay vendors, employees and customers, but the larger cap has opened up use cases for different kinds of transactions, such as real estate and deal closings and other corporate activity," said AJ McCray, head of Global Payments Products, Global Payments Solutions (GPS) at Bank of America. In the first six weeks since the transaction limit was raised, BofA corporate clients have increasingly taken advantage of the limit increase, with transactions over $1 million now accounting for more than half the value of all U.S. real-time payments the company is processing. "The instant nature of real-time payments is a huge advantage for optimizing working capital and cashflow," said Jay Davenport co-head of GPS Global Corporate Sales at Bank of America. "RTP payments embody some of the most commonly requested features from our customers – convenience, transparency and resiliency." Key features of the RTP network The network operates 24 hours, 7 days a week including holidays and weekends. Payments are settled immediately, regardless of time of day. The originator of a payment has transparency into the status of transaction, including whether it has been accepted or rejected. The recipient receives a payment within seconds. RTP uses ISO 20022, the international standard for financial messaging. This robust message standard offers multiple options for the originator to incorporate detailed remittance information with the payment. As real time payment adoption continues to rise, companies can explore new applications such as just-in-time supplier payments, complete real-estate transactions, and account to account money movement. Bank of America serves 94% of the Fortune 500 and 73% of the Global Fortune 500. Besides U.S. RTP network connectivity, these clients can take advantage of the full range of payment capabilities such as commercial card, ACH, wire and transactional FX solutions, in addition to the bank's own innovations, Recipient Select and Digital Disbursements. Bank of AmericaBank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC). For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. Reporters may contact: Louise Hennessy, Bank of America Phone: View original content to download multimedia: SOURCE Bank of America Corporation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
