Technology: Page 9
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Rivals Adyen, Stripe partner with Capital One to combat fraud
The three companies announced last Wednesday that they are teaming up to launch a free service intended to combat fraud and reduce the amount of transactions that are improperly declined.
By Patrick Cooley • June 10, 2024 -
Retrieved from Senate Banking Committee.
Banks, AI partners must share responsibility for safety: OCC’s Hsu
“With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said.
By Rajashree Chakravarty • June 7, 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 -
Retrieved from Consumer Financial Protection Bureau.
CFPB finalizes open banking standard setter rule
The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.
By Gabrielle Saulsbery • June 6, 2024 -
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Yotta CEO: 85K customers lose access to funds due to Synapse-Evolve tussle
The fintech’s customers, who have a combined $112 million in savings, have been locked out of their accounts amid the Synapse-Evolve Bank & Trust dispute, Yotta CEO Adam Moelis told CNBC.
By Rajashree Chakravarty • June 5, 2024 -
Pgiam via Getty Images
A Dallas stock exchange? Would-be NYSE competitor raises $120M
TXSE will be fully electronic and plans to submit a registration with the SEC this year. BlackRock and Citadel Securities are among its more than two dozen investors.
By Rajashree Chakravarty • June 5, 2024 -
Courtesy of U.S. Bank
U.S. Bank taps AI to create audience models for national campaign
“The Power of Us” used Supernatural AI’s tech to create avatars of the bank’s core target groups and test the baseline idea and initial creative.
By Aaron Baar • June 5, 2024 -
Kate Tornone/Banking Dive
Citizens CEO: ‘You have to walk before you can run’ with AI
Banks need to focus on big use cases to get the most out of AI, Citizens CEO Bruce Van Saun said. “If you have a ‘thousand flowers bloom’ strategy, you’ll start spinning your wheels," he said.
By Caitlin Mullen • June 4, 2024 -
Pablo Blazquez Dominguez via Getty Images
Hackers threaten to sell Santander customer details for $2M: report
The collective ShinyHunters, which claimed to be behind the Ticketmaster breach reported last week, said it stole information related to 30 million Santander customers in an ad seen by the Financial Times.
By Rajashree Chakravarty • June 3, 2024 -
Alex Wong / Staff via Getty Images
Truist CEO on cost cuts: We needed ‘a shock to the system’
Bill Rogers detailed the "discipline," "intensity" and fresh mindset the bank has adopted eight months after launching an effort to "reorient" itself.
By Caitlin Mullen • May 31, 2024 -
Samuel Corum via Getty Images
Zelle faces Senate probe on fraud
“The scale of fraud on the Zelle platform is unacceptably high,” National Consumers League Vice President John Breyault said.
By James Pothen • May 31, 2024 -
SARINYAPINNGAM via Getty Images
Fintech Copper burned by Synapse collapse
The teen-focused fintech had to shut down its bank deposit accounts and debit cards mid-month — an earlier wind-down than expected due to turmoil experienced by its middleware provider, Synapse.
By Rajashree Chakravarty • May 29, 2024 -
N26
N26 readies for a post-cap future
Germany's financial regulator will drop its limit on the fintech's growth June 1. N26's CEO said the cap has cost billions in lost valuation. But its compliance systems can handle an increased load.
By Dan Ennis • May 29, 2024 -
Courtesy of Klarna
Klarna uses AI to save $10M on marketing annually while upping output
More than one-third of the Stockholm-based fintech’s marketing savings in Q1 are attributable to AI.
By Chris Kelly • May 29, 2024 -
Leon Neal / Staff via Getty Images
Former FTX exec Ryan Salame sentenced to 7½ years
He originally faced up to 10 years in prison, following guilty pleas to two counts in September. Prosecutors, however, suggested he serve five to seven years.
By Gabrielle Saulsbery • May 28, 2024 -
Spencer Platt / Staff via Getty Images
Q&AHow banks are employing quantum computing
Because cyber risks are consistently top of mind for banking executives, “using quantum to fight quantum” is the most prominent application currently, said EY’s Jan Bellens.
By Caitlin Mullen • May 28, 2024 -
Spencer Platt via Getty Images
JPMorgan ramps up prompt engineering training, AI projects
The bank estimates its AI use cases can deliver up to $1.5 billion in value, President Daniel Pinto said.
By Lindsey Wilkinson • May 28, 2024 -
Justin Sullivan / Staff via Getty Images
Visa preps for US pay-by-bank services
The card network is focused on “stubborn categories” where large account-to-account payments have taken hold, such as in healthcare, education and rent, a Visa executive said.
By Lynne Marek • May 28, 2024 -
Photo illustration: Shaun Lucas/Industry Dive; Getty Images; Paze
Paze targets nationwide coverage by year-end shopping season
The big bank-backed digital wallet is now accepted by about 80,000 “primarily small” merchants, according to James Anderson, managing director at Early Warning Services.
By James Pothen • May 28, 2024 -
Permission granted by Avenga
Sponsored by AvengaProper data preparation for AI in financial organizations
The proliferation of different types of AI is profoundly impacting the financial industry. According to The Financial Brand, banks leveraging AI technologies are expected to save a staggering $1 trillion by 2030.
By Olena Domanska, Data Science Engineering Manager at Avenga • May 28, 2024 -
Courtesy of Comerica
Comerica slapped with OCC enforcement action
The regulator discovered unsafe or unsound practices at the Dallas-based bank, including those related to its risk governance framework and internal controls.
By Caitlin Mullen • May 24, 2024 -
Permission granted by Varo Bank
Varo Bank faces lawsuit over March data breach
The lawsuit accuses the online bank of failing to protect personal information stored within its network, including customer phone numbers and the last four digits of Social Security numbers.
By Rajashree Chakravarty • May 22, 2024 -
Mario Tama via Getty Images
Citi fined $78.4M over 2022 flash crash error
A Citi trader had meant to sell a basket of equities at $58 million but mistakenly created a $444 billion basket, regulators said. About $189 billion of the trade went on the market.
By Dan Ennis • May 22, 2024 -
Kevin Dietsch via Getty Images
CFPB to treat BNPL loans like credit cards
“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.
By James Pothen • May 21, 2024 -
Michael M. Santiago via Getty Images
Goldman exec Mintzberg named next Grayscale CEO
Peter Mintzberg adds his name to a growing list of Goldman departures. He is set to join the crypto asset manager Aug. 15.
By Dan Ennis • May 20, 2024 -
anyaberkut via Getty Images
Customer satisfaction with online-only banks dwindles, study finds
Though online-only direct bank customers have a higher satisfaction rate than traditional banks, that rate declined this year, particularly for those with checking accounts, J.D. Power reported.
By Rajashree Chakravarty • May 15, 2024
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