Technology


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    Varo aims to displace Venmo, Cash App volume with new P2P feature

    The bank on Thursday launched a feature enabling Varo account holders to instantly transfer funds at no cost to anyone with a U.S. debit card.

    By Sept. 21, 2023
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    Justin Sullivan via Getty Images
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    Citi launches token service for institutional clients

    The service uses blockchain technology to convert clients’ deposits into digital tokens that can be used for instant cross-border payments 24/7, the bank said.

    By Sept. 19, 2023
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    Trendline

    Bank and fintech partnerships

    A partnership can be a broad hand-up from a giant bank, a targeted effort to fix a societal issue, or a strategic miscalculation.

    By Banking Dive staff
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    Citi sells SMB loan platform to Foro

    As part of the deal, Citi becomes a minority shareholder in Charlotte, North Carolina-based Foro, which counts former Bank of America CEO Hugh McColl Jr. as one of its founding investors.

    By Sept. 13, 2023
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    CEO out at embattled Binance.US

    Brian Shroder joined the U.S. arm of the world's largest crypto exchange in 2021. Now, he's gone, as are one-third of the company's employees — who, unlike Shroder, were laid off this week.

    By Sept. 13, 2023
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    "Truist Plaza" by Tyler Lahti is licensed under CC BY-SA 2.0
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    Truist plans ‘sizable reductions’ in jobs, unveils $750M cost savings plan

    The bank wants to save $200 million by 2025 through reducing tech spend. It also plans to consolidate certain business lines, scale back its brick-and-mortar presence and cut four division heads by next quarter.

    By Sept. 12, 2023
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    5 takeaways from Michael Barr’s views on CBDCs, stablecoins and more

    The Federal Reserve’s vice chair for supervision spoke about “responsible innovation” Friday at a Philadelphia Fed fintech conference.

    By Sept. 11, 2023
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    Ripple makes its 2nd acquisition of 2023

    The crypto firm on Friday agreed to buy Fortress Trust, a regulatory and technology infrastructure provider for blockchain companies. Ripple in May bought crypto custody company Metaco.

    By Sept. 11, 2023
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    Just_Super via Getty Images
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    Fourth former FTX executive pleads guilty

    Ryan Salame pleaded guilty to violating campaign finance laws and operating an unlicensed money transfer business. Salame could lose $1.5 billion if he fails to forfeit assets including two properties and a Porsche 911 Turbo.

    By Sept. 8, 2023
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    Morgan Stanley to roll out AI bot this month

    The bank has spent months testing its OpenAI-powered chatbot on advisers, who will use it to sift through Morgan Stanley’s research and data, among other things.

    By Sept. 7, 2023
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    Michael M. Santiago/ via Getty Images
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    Deep Dive

    Goldman’s strategy retreat leaves GreenSky in limbo

    The installment-lending fintech, which Goldman is looking to sell, faces an uncertain future as the investment bank distances itself from an ambitious retail strategy.

    By Sept. 7, 2023
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    JPMorgan Chase revs up payments lab hiring

    The bank is venturing further into fintech and payments for new product development at its lab in Greece.

    By Tatiana Walk-Morris • Sept. 7, 2023
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    Growth in fintech sector spurs specialty college programs

    Worcester Polytechnic Institute launched both a fintech undergraduate and graduate degree program last week. The prestigious technology school is far from the first.

    By Sept. 6, 2023
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    USAA notches latest mobile-deposit victory with Discover deal

    The agreement lets Discover access 130 USAA patents and continue offering remote deposit capture technology. USAA has notched nine-figure court wins against Wells Fargo and PNC over similar patents.

    By Sept. 6, 2023
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    Genesis to shutter US crypto spot trading desk

    Trades on the platform must be settled by Sept. 21, and open accounts will be closed Sept. 30, the company said.

    By Sept. 6, 2023
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    Q&A

    ‘We’re in the 1999 of the internet era’: a16z’s Julie Yoo on fintech’s potential

    Yoo, who leads health tech investment at venture-capital firm Andreessen Horowitz, outlined her fintech investment thesis and why the healthcare industry is at an inflection point for adoption.

    By Rebecca Pifer • Aug. 31, 2023
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    CFO Editorial Staff
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    Column

    Goldman, regional bank warnings show the Fed is now playing offense

    The central bank has requested action from Citizens, Fifth Third and M&T regarding capital, liquidity, technology and compliance, according to Bloomberg. Goldman’s fintech partnerships are reportedly under scrutiny, too.

    By Aug. 31, 2023
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    Stash appoints Dave veteran as CTO, eyeing new growth phase

    Chien-Liang Chou spent nearly three years at Dave, overseeing the fintech’s effort to go public in 2022 as the team tripled.

    By Aug. 30, 2023
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    UBS, JPMorgan alum Youngwood named next Nasdaq CFO

    She replaces Ann Dennison, effective Dec. 1, at a time when the exchange is looking to close its acquisition of software firm Adenza and broaden its focus beyond equities trading.

    By Aug. 30, 2023
  • Stock Trading Platform Robinhood Goes Public On The New York Stock Exchange
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    Massachusetts’ top court rules against Robinhood

    The Supreme Judiciary Court’s 5-0 ruling upholds the state’s fiduciary rule, holding broker-dealers like Robinhood to fiduciary duties of care and loyalty, similar to investment advisers.

    By Aug. 28, 2023
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    JPMorgan’s lawsuit against Frank execs on ice through criminal trial

    Prioritizing the criminal case against Charlie Javice and Olivier Amar may “hasten settlement [or] obviate the need for this case altogether,” a judge ruled Thursday.

    By Aug. 21, 2023
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    Fed orders wind-down of FTX-associated Farmington State Bank

    The central bank alleged the small Washington state-based lender changed its business plan and started working with digital assets without first gaining regulatory approval.

    By Aug. 18, 2023
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    Silvergate CEO out as bank continues wind-down

    CEO Alan Lane left his role Tuesday, alongside Chief Legal Officer John Bonino. Chief Financial Officer Antonio Martino will follow on Sept. 30.

    By Aug. 17, 2023
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    Digital-only Ivy beats deposit expectations, Cambridge Savings says

    Ivy Bank’s deposit numbers exceeded the bank’s annual goal for 2022 by 64%, according to Cambridge Savings Bank, which launched the digital-only platform in 2021.

    By Aug. 17, 2023
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    Citizens Bank of Edmond launches digital bank for military recruits

    The new platform, called Roger, aims to reach entry-level recruits, many of whom enter basic training without bank accounts, CEO Jill Castilla said.

    By Aug. 15, 2023
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    Custodia launches with US dollar deposits, preps crypto custody

    The bank, which is engaged in a legal battle with the Fed, said it’s initially serving U.S. business customers only and awaiting final regulatory clearance to launch its bitcoin custody service.

    By Aug. 14, 2023