During the third-quarter earnings season, JPMorgan, Citigroup and Bank of America are competing for corporate deposits not just on interest rates but on the infrastructure around cash. J.P. Morgan Payments reported quarterly revenue of $5.6 billion, up 14%; Citi's Services business grew revenue 15% and average deposits rose 16%; Bank of America reported $669 billion in average Global Banking deposits, up 6%. Banks are trying to cut payment friction through faster cross-border payments, tokenized deposits that Citi says run in seven markets, and integrations with software platforms. The article also notes that 86% of Bank of America's qualifying Global Banking clients were digitally active, and payments through its CashPro app reached $358 billion, up 20%. It argues the competitive question is increasingly who controls cash routing and the software around it, not simply which bank offers the best cash management.
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