Technology: Page 13
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Courtesy of KeyBank
KeyBank scouts for fintech partners
The bank, which has yet to strike a fintech partnership this year, generally enters into one to two each year, said Ken Gavrity, president of Key Commercial Bank.
By Caitlin Mullen • April 10, 2024 -
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Varo’s new CFO aims for ‘path to profitability’
Zillow alum Allen Parker is focused on “ensuring finance can play a role in how we prioritize our investments,” he said.
By Grace Noto • April 9, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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Dimon blasts regulation, proxy advisers in annual letter
The JPMorgan Chase CEO also gave prominent space to AI, touting its potential impact in software engineering, customer service and operations, “as well as in general employee productivity."
By Caitlin Mullen • April 8, 2024 -
Permission granted by Treasury Prime
Treasury Prime, Narmi partner to offer customers FedNow service
The partnership aims to simplify and accelerate the adoption of FedNow by small and medium-sized financial institutions in Treasury Prime’s network.
By Rajashree Chakravarty • April 3, 2024 -
Felbaba Volodymyr via Getty Images
Goldman renewables spinoff MN8 Energy secures $325M investment
Ridgewood Infrastructure and Switzerland-based Mercuria Energy both secured observer seats on the renewable energy company’s board of directors.
By Lamar Johnson • April 2, 2024 -
Justin Sullivan / Staff via Getty Images
Bank of America rolls out platform linking small businesses, CDFIs
The online platform, a partnership with the Community Reinvestment Fund, USA, provides access to around 150 local community development financial institutions and other business support organizations.
By Rajashree Chakravarty • March 28, 2024 -
Michael M. Santiago via Getty Images
FTX founder Sam Bankman-Fried gets 25 years in prison
The former crypto exchange CEO was convicted in November 2023 on seven counts of fraud and conspiracy.
By Gabrielle Saulsbery • March 28, 2024 -
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SEC can continue its case against Coinbase
The agency “sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the federal securities laws,” U.S. District Judge Katherine Polk Failla ruled.
By Gabrielle Saulsbery • March 27, 2024 -
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SEC asks judge to green-light $2B penalty for Ripple
The crypto firm hasn’t accepted responsibility for the portion of XRP sales a judge ruled illegal in July, the SEC said. In a social post, Ripple’s CEO said the company would “expose the SEC for what they are” in a filing next month.
By Dan Ennis • March 26, 2024 -
Permission granted by Robinhood
Robinhood co-founder steps down
Baiju Bhatt, who co-founded the fintech 11 years ago and was most recently chief creative officer, is moving on to “focus on his next enterprise.”
By Gabrielle Saulsbery • March 25, 2024 -
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Banks balance cloud, cyber priorities with AI eagerness
More than two-thirds of financial firms have made meaningful progress on core modernization, according to Broadridge data.
By Matt Ashare • March 25, 2024 -
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Bakkt names Andy Main as new CEO in leadership shuffle
The switch comes after the New York Stock Exchange threatened to delist the crypto platform over its share price. Bakkt’s next chief executive will detail his vision for the company March 25 in an earnings call.
By Rajashree Chakravarty • March 20, 2024 -
Michael M. Santiago via Getty Images
He could get 5 years. He could get 100. For how long will Sam Bankman-Fried go to prison?
Ryan Lee O'Neill, a New Jersey-based defense attorney, has represented countless defendants in the FTX founder's place. She has her own estimates.
By Gabrielle Saulsbery • March 20, 2024 -
Permission granted by Robinhood
Robinhood goes live in the UK
The company indefinitely postponed its U.K. launch in 2020 over technical issues but rolled out a waitlist in November. It did, however, pause margin investing for U.K. users.
By Gabrielle Saulsbery • March 20, 2024 -
FTC fines fintechs Biz2Credit, Womply $59M over PPP actions
The agency claimed Biz2Credit misrepresented the timeline for application processing, and Womply had inadequate customer service in the COVID-era crunch for small-business loans.
By Dan Ennis • March 19, 2024 -
Kevin Dietsch via Getty Images
SEC busts company behind $300M crypto Ponzi scheme targeting Latinos
Under the leadership of Gary Gensler, the SEC has intensified efforts to protect investors involved in what he calls the “Wild West” of crypto assets.
By Jim Tyson • March 15, 2024 -
Michael Lawrence via Getty Images
Morgan Stanley names firmwide AI chief
Jeff McMillan, a 15-year veteran of the bank, led the creation of Morgan Stanley’s generative AI-powered chatbot last year as chief analytics and data officer.
By Gabrielle Saulsbery • March 15, 2024 -
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A year later: SVB’s impact on fintech
Fintechs like Mercury and MoneyLion showed their resilience, offering innovative products and assisting their customers through difficult times.
By Rajashree Chakravarty • March 13, 2024 -
Anna Hrushka/Banking Dive
FDIC vice chair wants regulators to hurry up on addressing tokenization
Tokenization could be a "major leap" for the monetary system. Travis Hill doesn't want the U.S. to be left out.
By Gabrielle Saulsbery • March 12, 2024 -
Michael M. Santiago / Staff via Getty Images
JPMorgan to launch biometric checkout next year
The bank’s payments unit plans to engage in more pilots this year before rolling out the checkout service broadly next year, said Prashant Sharma, JPMorgan’s executive director of biometrics and identity solutions.
By Caitlin Mullen • March 11, 2024 -
Permission granted by Synctera
Q&AHow banks, fintechs can navigate regulatory challenges in BaaS space
Banks have a responsibility to treat their customers fairly because they deal with people’s money, said the CEO of Synctera, a partner of Lineage Bank, which was recently hit with an FDIC consent order over BaaS.
By Rajashree Chakravarty • March 6, 2024 -
Michael M. Santiago via Getty Images
JPMorgan Chase’s Neovest buys LayerOne Financial
The deal allows Neovest’s 500-plus clients, many of them hedge funds, to monitor portfolios, conduct risk assessments and perform compliance checks, among other things.
By Gabrielle Saulsbery • March 5, 2024 -
Sean Pavone via Getty Images
Metropolitan Commercial Bank exits BaaS
“The decision to terminate these financial service partnerships will reduce the Company’s exposure to the heightened, and evolving, regulatory standards related to these activities,” the bank said in its 10-K filing last week.
By Gabrielle Saulsbery • March 4, 2024 -
Leon Neal via Getty Images
Coinbase users see $0 balance in technical glitch
“We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling,” the crypto exchange wrote on its website. “Your assets are safe."
By Rajashree Chakravarty • Feb. 29, 2024 -
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Smaller credit unions face hurdles despite NCUA’s fintech rule
The financial innovation rule may open the door to more partnerships, but larger institutions still have advantages on tech, budget and risk management, experts say.
By Ken McCarthy • Feb. 28, 2024
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