Bank of America, JPMorgan Chase and Early Warning Services are standing firm against allegations made by the Consumer Financial Protection Bureau today. This morning, the CFPB filed a lawsuit against Zelle parent company Early Warning Services, Bank of America, JPMorgan Chase and Wells Fargo alleging the institutions failed to safeguard consumers from fraud, resulting in…
The Consumer Financial Protection Bureau announced today that it has sued Early Warning Services, Bank of America, JPMorgan and Wells Fargo for allegedly failing to implement anti-fraud safeguards on peer-to-peer payments network Zelle. Customers of the financial institutions named in today’s lawsuit have accumulated more than $870 million in losses due to the alleged failure…
Bank of America clients are using the bank’s AI-driven digital assistant Erica for data-driven insights to manage subscriptions and recurring costs. In the third quarter, 20 million bank clients looked to Erica’s insights to specifically understand their spending habits, a bank spokesperson told Bank Automation News. This is up from 19.6 million active Erica…
People First Federal Credit Union has joined the Federal Reserve’s real time payments network, FedNow, as a receiver and aims to expand its capabilities to include send functions to improve customer experience in 2025. Prior to this expansion, the $930 million credit union had been looking to improve its fraud detection capabilities; it has done…
Chime Financial Inc., a financial technology company focused on no-fee banking services, has submitted a confidential filing with the US government for its initial public offering, according to people familiar with the matter. The company aims to go public in 2025, said the people, who asked not to be identified because the information is private….
Before Bank Underground goes off on its Christmas holidays, it’s time for the Annual Bank Underground Christmas Quiz! We hope you enjoy testing your knowledge on our festive themed questions on economics, finance and all things central banking… 1) (Literature) In which of Jane Austen’s novels were the Miss Steeles ‘prevailed on to stay nearly…
Brian Moynihan hit his 15th anniversary as chief executive at Bank of America this week and shared how automating tasks and elimination of work has allowed the bank to gain efficiencies during his tenure. When Moynihan became CEO in 2010, the bank had 285,000 employees, he said on CNBC’s “Squawk Box” on Dec. 17. As…
Red Hat’s cloud platform OpenShift will now host digital solutions for digital banking service provider SBS, according to a Dec. 12 SBS release. Through Red Hat’s OpenShift, banks and financial institutions can “benefit from cloud technologies within their existing infrastructures that have been built in compliance with strict regulations around data privacy and security,” Xavier…
C-suite executives at financial institutions are implementing AI and generative AI throughout their organizations, but as experimentation turns into application, the question is: Is the juice worth the squeeze? Ninety-eight percent of industry leaders say integrating AI into their strategies will drive a 52% increase in revenue during the next five years. This is…
Klarna, the Swedish fintech that provides buy now, pay later services, was fined 500 million Swedish Kronor ($46 million) by Sweden’s Financial Supervisory Authority for violating anti-money laundering rules. The regulator in a Dec. 11 statement said that Klarna had “significant deficiencies” in its crime prevention measures, including failing to assess how its services could…
