Bank of America, the nation’s second-largest bank, is set to unveil a digital banking product that will be the world’s most widely used bank-to-bank payment app.
The Bank of Americas, the country’s second largest bank, announced Tuesday it has signed a deal with Square, a mobile payments startup, to offer its customers access to the Bank of Americans mobile payments platform.
The Square deal also includes Square Bank, which is owned by Square, according to the Wall Street Journal.
Banks are already experimenting with digital payments and online banking.
In March, Chase announced it was adding digital banking to its bank platform, and Bank of Canada announced it would be making digital payments available to customers in 2019.
In April, Square announced that it was also partnering with Chase to offer online and mobile banking to customers.