MIT, Bank of America unveil banking research center

The MIT Media Laboratory and Bank of America Corp. announced the creation of a research center to explore new ideas and technologies in banking.

Bank of America said it is committed to spending $3 million to $5 million per year during a planned five-year collaboration.

The Center for Future Banking, which will be located on the Massachusetts Institute of Technology campus in Cambridge, will seek to "transform the ways banking will be conducted in a world of rapidly changing social, economic, and information landscapes," the MIT Media Lab and Bank of America said.

Bank of America is a financial services company with headquarters in North Carolina.
(By Chris Reidy, Globe staff)