Many financial institutions across the pond are looking to reduce their reliance on U.S. tech providers as geopolitical tensions rise between the United States and European Union. “With the developments over the last, let’s say, six months, being dependent on U.S. tech providers is a consideration,” Marnix van Stiphout, chief operations officer and chief transformation…
Stablecoins have seen a resurgence in use cases since July’s passage of the Genius Act, which set up regulatory guardrails for crypto. “There’s been nothing but excitement from banks [around stablecoins] while addressing some challenges in the regulations,” Matt Blumenfeld, global and U.S. digital assets lead at consultancy PwC, told Bank Automation News. “[There are]…
As AI improves it is opening the door for better risk mitigation — but also for increasingly sophisticated fraud schemes as bad actors use the tech to create synthetic identities, clone voices, automate schemes and falsify images. Fraud within financial services is expected to rise 153% to $58.3 billion by 2030, up from $23 billion…
FIS has completed its acquisition of Chicago-based fintech Amount, marking a strategic expansion of its digital banking capabilities, according to a Sept. 24 announcement. Amount specializes in unified, cloud-native account origination and decisioning for deposits, lending and card services. The platform has processed more than 150 million new account applications across consumers and small to…
Peter Denton AI systems are becoming increasingly capable of pursuing sophisticated goals without human intervention. As these systems begin to be used to make economic transactions, they raise important questions for central banks, given their role overseeing money, payments, and financial stability. Leading AI researchers have highlighted the importance of retaining governance control over such…
First Fed Bank has tapped fintech Apiture to provide better digital and mobile banking services to its clients. Community and regional banks and credit unions recognize that having strong, comprehensive digital capabilities is no longer optional to stay competitive with large banks and fintechs, an Apiture spokesperson told Bank Automation News. This year, Apiture has…
Citi Ventures is looking at agentic AI startups as a compelling area for investment. Agentic AI “could reimagine workflows across compliance, onboarding, payments, wealth management and more,” Arvind Purushotham, global head of Citi Ventures, told Bank Automation News. The venture capital arm of $1.8 trillion Citi announced an undisclosed investment in agentic AI-powered credit data…
U.S. Bank is expanding its small business offerings with launches of two embedded solutions this month. On Sept. 4, the $673 billion bank announced the following offerings for its 1.4 million small business (SMB) clients: U.S. Bank bill pay for businesses; and U.S. Bank payroll. “With these two [launches], we are now essentially investing a…
Tether Holdings SA, the company behind the world’s most traded cryptocurrency, is bringing its digital dollar home, unveiling a US-regulated stablecoin and appointing Bo Hines, a former White House crypto official, to lead the effort. The token will be launched in partnership with Cantor Fitzgerald LP and Anchorage Digital Bank NA, El Salvador-based Tether said…
Bank of America is investing in AI, deploying it for internal and external uses across the bank, looking to the next use cases. Last year, the $3.4 trillion bank invested more than $4 billion in its technology efforts, Chief Financial Officer Alastair Borthwick said Sept. 16 during the Bank of America Securities Financial CEO Conference….
