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New payment and banking solutions

Like it or not, the heart of the enterprise is finance, which is why payment methods and banking solutions are important. As technology advances, banks and finance firms are working to create mobile business alink_delimiter_2 and accounting software to help manage both money and relationships with those who oversee these areas. Mobile payments are coming into vogue as bring-your-own-device (BYOD) trends increase within enterprises. With so many employees using their smartphones and tablets for work-related tasks, mobile payments and banking applications may be part of the future.

Release of mobile payment options
According to DailyFinance, Bank of America has recently released an electronics payments processor. The bank's new system will allow account holders to process and receive payments on their devices. The Bank of America mobile pay system will be released on December 3.

"In today's economic environment, small businesses are looking for secure, easy and portable ways to confidently accept payments beyond cash, and promote their business to a broader customer base," said Tom Bell, chief executive officer at Bank of America merchant services. "With Mobile Pay on Demand, we are making it even easier for small business owners to accept secure payments anywhere. The product is fully integrated with existing Bank of America accounts and services, allowing deposits made into a Bank of America small business checking account to be processed as soon as the next business day."

The payment option will be free and provide encryption for every every credit card transaction to ensure the security of users. Other banks are expected to follow suit, releasing options in the future.

Security for payment solutions
According to BankInfoSecurity, security is a top priority for banks looking to roll out mobile payment and transaction apps and options. The news source reported that if security is breached, customers may withdraw their money and turn to another bank. The risk is extremely high if data is ever compromised because of the sensitivity of financial information.

"Financial institutions need to ensure that those mobile wallet implementations they're backing and the tools they plan on using have the same degree of security that consumers expect from their mobile banking platforms, or better," said analyst Alphonse Pascual in an interview with Information Security Media Group.

There's a lot at stake when developing new forms of payment, as security is more important in this domain than any other. When consumers are sharing financial information with any type of website or application, they want to be sure that their information is in safe hands and that there is no risk of compromise.

Businesses of all sizes can benefit from new and improved payment options as developers create innovating and secure options. The ability to make and receive transactions from a smartphone or tablet could revolutionize how business is done.