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….
FundBank has selected fintech Temenos for its full banking technology suite. The $2.9 billion institution, which provides banking services to asset managers, will access the following banking services from Temenos: Core banking; Payments; and Data analytics on Temenos SaaS. Temenos’ cloud-native core architecture allows FIs to migrate their core operations at their own pace so…
Nearly 28% of credit unions are deploying AI for cost savings, more than big banks. Banks and credit unions do not approach AI the same because of a difference in margins, Mauricio Deutsch, senior vice president for banking and capital markets at fintech GFT Canada, told Bank Automation News. “Big banks are deploying AI tech…
Solifi, a global provider of secured finance technology, has acquired DataScan, a North American leader in wholesale finance and inventory risk management, the company announced today. Founded in 1989 and based in Alpharetta, Georgia, DataScan provides wholesale loan servicing, inventory audits and digital risk management tools to more than 45 banks and captive lenders. The…
Compliance provider WorkFusion’s latest funding round indicates growing industry demand for fraud solutions and interest in agentic AI. On Sept. 16, WorkFusion announced it raised $45 million in a funding round led by Toronto-based Georgian. WorkFusion, which offers agentic AI-driven solutions for financial crime compliance, has raised $386.3 million in total funding over eight funding…
The payments industry is undergoing a major overhaul as AI takes center stage. Agentic AI is likely to reshape day-to-day activity in the payments ecosystem, with e-commerce being one of the biggest transformative engines, according to 2025 Global Payments report by consultancy BCG. Over 80% of consumers are expected to use agentic AI in the…
The payments industry is undergoing a major overhaul as AI takes center stage. Agentic AI is likely to reshape day-to-day activity in the payments ecosystem, with e-commerce being one of the biggest transformative engines, according to 2025 Global Payments report by consultancy BCG. Over 80% of consumers are expected to use agentic AI in the…
FICO today announced a new suite of domain-specific generative AI models designed to improve accuracy and trust in financial services applications. The FICO Foundation Model for Financial Services (FFM) includes two offerings: the Focused Language Model (FLM) and the Focused Sequence Model (FSM), according to today’s FICO release. Both are built on curated, task-specific data…
Nearly 28% of credit unions are deploying AI for cost savings, more than big banks. Banks and credit unions do not approach AI the same because of a difference in margins, Mauricio Deutsch, senior vice president for banking and capital markets at fintech GFT Canada, told Bank Automation News. “Big banks are deploying AI tech…
Nvidia Corp. will invest as much as $100 billion in OpenAI to support building of new data centers and other artificial intelligence infrastructure, a blockbuster deal that underscores booming demand for AI tools like ChatGPT and the computing power to make them run. The investment is intended to help OpenAI build data centers with a…
