Technology: Page 7
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Chip Somodevilla via Getty Images
Ripple to pay $125M penalty in XRP case against SEC
The fine was not nearly the $2 billion the SEC sought. The judge in the case, though, issued an injunction requiring Ripple to register if it intends to sell securities in the future.
By Dan Ennis • Aug. 8, 2024 -
Truist names JPMorgan, Wells vet as next CIO
Steve Hagerman spent 17 years and five years at JPMorgan and Wells Fargo, respectively. He will replace interim CIO Brad Bender in October.
By Gabrielle Saulsbery • Aug. 8, 2024 -
Explore the Trendline➔
da-kuk via Getty Images
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 -
Courtesy of Whataburger
JPMorgan fires up biometric payments processing
The biggest U.S. bank is piloting payments processing for biometric transactions, with plans to use it at the hamburger chain Whataburger, which lets customers pay with a face scan.
By Lynne Marek • Aug. 7, 2024 -
Dan Kitwood via Getty Images
Genesis completes restructuring, begins payouts
The company filed for bankruptcy in January 2023. User funds had been frozen since November 2022 when the crypto lender ran into liquidity issues following the collapse of FTX.
By Gabrielle Saulsbery • Aug. 5, 2024 -
Lynne Marek/Banking Dive
Outdated tech could slow instant payment adoption: survey
Financial institutions expect business clients to be a driver of instant payment revenue, but adopting the technology comes with hurdles, the results of a recent survey showed.
By Tatiana Walk-Morris • Aug. 2, 2024 -
Courtesy of Fifth Third
Fifth Third’s Newline to expand Stripe’s embedded financial services
“Maybe we’re just a little too Midwest humble about it, but Newline isn’t new to this,” Newline GM Tom Bianco said. Working with Stripe, he said, reinforces that it is, and has been, “a real force.”
By Gabrielle Saulsbery • July 31, 2024 -
Permission granted by Flushing Bank
How Flushing Bank stays cyber-safe
CEO John Buran credits “measured” growth rate and solid teamwork for putting his $8.8 billion-asset institution atop Forbes’s cybersecurity list.
By Gabrielle Saulsbery • July 31, 2024 -
Michael M. Santiago via Getty Images
Wells Fargo hires BNY’s ex-CIO to serve as tech chief
Bridget Engle comes to Wells next month after seven years at BNY. Wells also tapped its previous tech chief, Tracy Kerrins, to lead a new generative AI team.
By Dan Ennis • July 31, 2024 -
Matt Winkelmeyer via Getty Images
Stripe buys software rival Lemon Squeezy
The San Francisco payments giant bought the 4-year-old Salt Lake City startup as it continues its global expansion.
By Patrick Cooley • July 30, 2024 -
Spencer Platt via Getty Images
Trump pledges to fire Gensler, support crypto
The Republican presidential nominee told Bitcoin 2024 attendees that, if elected, he will hire advisers who “want to see your industry thrive, not dive.”
By Gabrielle Saulsbery • July 29, 2024 -
Kate Tornone/Banking Dive
Q&ACitizens CIO: ‘Human in the loop’ still key for banks using genAI
The bank won’t employ direct-to-consumer applications of generative AI in 2024, the executive said, adding he envisions it happening in a year or so.
By Caitlin Mullen • July 26, 2024 -
Permission granted by Jiko
Fed cites digital bank Jiko over capital planning woes
The central bank is requiring the startup, which bought a bank in 2020, to submit a liquidity risk management plan with steps to diversify its funding sources and enhanced stress test scenarios.
By Dan Ennis • July 24, 2024 -
Courtesy of Revolut Press Kit
Revolut faces more fraud claims than other UK banks: report
A spokesperson said the fintech investigates each fraud claim independently of other cases, and that it takes such claims “incredibly seriously.”
By Gabrielle Saulsbery • July 24, 2024 -
Courtesy of Mastercard
FTC demands pricing input from JPMorgan, Mastercard
The Federal Trade Commission demanded information from the megabank, card network and other companies to better understand how consumer data is being used in pricing.
By Lynne Marek • July 24, 2024 -
Dan Kitwood/Getty Images News via Getty Images
BlockFi prepares to make customers whole
The crypto firm’s bankruptcy plan was approved in September. It announced Monday the sale of its FTX claims, part of its plan to pay customers back, at a “substantial premium to the[ir] face value.”
By Gabrielle Saulsbery • July 23, 2024 -
Courtesy of Green Dot
Fed fines Green Dot $44M
The consent order has been expected since February, when Green Dot revealed that reasonable associated losses could total $50 million.
By Gabrielle Saulsbery • July 22, 2024 -
RyanJLane via Getty Images
Sponsored by HuronA regional U.S. bank’s path to digital excellence with Workday
A financial institution collaborated with a consulting firm to implement a suite of cloud-based applications.
July 22, 2024 -
Michael M. Santiago via Getty Images
JPMorgan, UBS and others see effects of IT outage
Trading was delayed at JPMorgan and Nomura, media outlets reported. UBS saw problems related to legacy systems inherited from Credit Suisse. Charles Schwab warned users not to place duplicate trades.
By Dan Ennis • July 19, 2024 -
Courtesy of Green Dot
Green Dot execs misled shareholders about declining business, lawsuit says
A former Green Dot employee alleged Monday that company leaders misrepresented how an important line of business was performing while also knowing about issues that would lead to an expensive Fed consent order.
By Gabrielle Saulsbery • July 17, 2024 -
Chip Somodevilla via Getty Images
SEC drops enforcement action against Paxos
The SEC dropping its enforcement action against Paxos a year after issuing the firm a Wells notice may have reignited the crypto regulation debate.
By Rajashree Chakravarty • July 17, 2024 -
Win McNamee via Getty Images
6 ways the CFPB wants to keep its eyes on fintech middlemen
Clearer guidance around “rent-a-bank,” open banking and buy now, pay later will ensure more consumers benefit, Director Rohit Chopra said in remarks last week.
By Suman Bhattacharyya • July 17, 2024 -
Lynne Marek/Banking Dive
FedNow zooms past RTP participation in inaugural year
The Federal Reserve’s nascent instant payments system has collected hundreds of bank participants across the country in its first year of operations, although a few major banks are holdouts.
By Lynne Marek • July 17, 2024 -
Chip Somodevilla / Staff via Getty Images
Citi leans on tech modernization to fix data quality management failings
Days after federal regulators hit the bank with more than $135 million in fines, CEO Jane Fraser said Citi's transformation efforts addressed "decades of underinvestment."
By Matt Ashare • July 15, 2024 -
Permission granted by Avenga
Sponsored by AvengaIs data the enemy of efficient marketing?
Discover how proper data utilization can transform your marketing strategies and drive remarkable results.
By Matthew Baker, Consulting Director at Avenga • July 15, 2024 -
Permission granted by HTC
Sponsored by HTC VIVEExtended reality promises a solution to banks’ woes. Can it deliver?
XR technology is revolutionizing employee training and customer experiences for banks. What makes it impactful?
July 15, 2024
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