“Bank of America Corp. and International Business Machines Corp. have teamed up to develop a public-cloud computing service for banks, which have been reluctant to store customers’ financial data outside their in-house systems.
Venmo, a digital money-transfer service operated by PayPal Holdings Inc., reported more than 40 million active users for the first three months of 2019.
Over the same period, Bank of America reported 37 million active digital users, while
Wells Fargo & Co. counted 29.8 million.
Among large U.S. banks, only JPMorgan Chase & Co. surpassed Venmo, reporting 51 million digital users for the first quarter.”