Technology: Page 15
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Michael M. Santiago / Staff via Getty Images
Binance, SEC face off in court
For the second time in one week, the Securities and Exchange Commission sought to convince a judge that crypto is a security, and a crypto company sought to convince her of the opposite.
By Gabrielle Saulsbery • Jan. 23, 2024 -
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BaaS to require strong commitment, investment in 2024, experts say
While demand for embedded banking services will continue to propel the BaaS space, experts say regulatory scrutiny will likely separate committed banks from those with a casual interest in the model.
By Anna Hrushka • Jan. 22, 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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FedNow draws some banks, as others lag
The Federal Reserve is building up bank participation in FedNow, but big financial institutions such as Bank of America, Citi, PNC and Capital One, remain on the sidelines — for now.
By Lynne Marek • Jan. 19, 2024 -
Oli Scarff / Staff via Getty Images
Citi poured $12B into tech last year, retired nearly 400 legacy apps
While efforts to modernize are underway, the company is operating at a loss and plans to cut 20,000 positions by 2026 as part of a broader restructuring.
By Matt Ashare • Jan. 18, 2024 -
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Bank of America CEO on digital transformation: ‘There’s always more to go’
The Charlotte, North Carolina-based lender has spent billions of dollars on data systems to support AI tools in the past decade and assisted 18 million unique users in Q4, CEO Brian Moynihan said.
By Matt Ashare • Jan. 18, 2024 -
Photo illustration: Varo Bank; Getty Images
Varo rolls out free tax prep and filing tool with Column Tax
All Varo Bank customers can access the tax filing service, which uses pre-filled data based on user information and helps to file taxes in less than 15 minutes, the lender said.
By Rajashree Chakravarty • Jan. 17, 2024 -
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Genesis Global Trading to pay $8M fine, surrender BitLicense
The Digital Currency Group subsidiary has been winding down since September. New York's crypto czar penalized it Friday for failing to comply with regulations while in operation.
By Gabrielle Saulsbery • Jan. 16, 2024 -
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First Citizens can move forward with $1.2B poaching suit against HSBC
The judge in the case called the suit “confusing," and gave First Citizens 28 days to file an amended complaint. The bank alleges an ex-SVB executive masterminded a plan to bring 42 colleagues to HSBC.
By Gabrielle Saulsbery • Jan. 12, 2024 -
Permission granted by Circle
Stablecoin issuer Circle files for IPO
Circle, which issues the USDC stablecoin, said Thursday it filed confidential paperwork with the Securities and Exchange Commission — one day after the SEC's approval of 11 spot bitcoin ETFs.
By Gabrielle Saulsbery • Jan. 11, 2024 -
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FTC slaps $3M penalty on fintech FloatMe
The federal agency alleged the cash advance app company charged users without consent and misled consumers on eligibility requirements.
By Rajashree Chakravarty • Jan. 10, 2024 -
Matt Cardy via Getty Images
Remitly taps ads to woo new clients
The cross-border payments company has boosted marketing to build up its remittance clientele.
By Lynne Marek • Jan. 10, 2024 -
The image by Gareth Milner is licensed under CC BY-SA 2.0
Barclays slashes 5,000 jobs in cost-cutting effort
The London-based bank said it cut 5,000 roles from its global workforce of 84,000 last year in a bid to "simplify and reshape the business.”
By Anna Hrushka • Jan. 9, 2024 -
5 banking trends to watch in 2024
Banking observers will watch this month’s earnings for clues as to whether 2023’s crisis can return. The capital-requirements debate and a CFPB-focused Supreme Court case also warrant attention.
By Gabrielle Saulsbery , Rajashree Chakravarty , Anna Hrushka , Dan Ennis • Jan. 9, 2024 -
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Sponsored by Elan Corporate Payment SystemsHow banks can create emotional connections to drive customer loyalty
Making life easier for a commercial customer’s employees strengthens emotional connections and bolsters CX.
Jan. 8, 2024 -
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Binance.US taps chief compliance officer
Lesley O’Neill joins Binance.US after two years holding a similar position at digital identity verification fintech Prove Identity.
By Gabrielle Saulsbery • Jan. 5, 2024 -
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Bankman-Fried won’t face second trial
The former FTX CEO was set to be tried on several other charges, including conspiracy to bribe foreign officials. But prosecutors told the judge they just want to move forward with sentencing.
By Gabrielle Saulsbery • Jan. 3, 2024 -
Drew Angerer / Staff via Getty Images
TD eyes expansion of middle-markets business
The Canadian lender has identified Chicago and Atlanta as two cities where the firm can capture more middle-market clients, such as universities, nonprofits and healthcare systems without having to build more branches.
By Anna Hrushka • Dec. 22, 2023 -
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Fintechs have opportunity to grow, leverage partnerships with banks in 2024
With high interest rates still floating in the market, fintechs can drive profitability through technology and partner with banks to curb costs and fuel growth, experts say.
By Rajashree Chakravarty • Dec. 20, 2023 -
Courtesy of https://press.bunq.com/media_kits/228411/
Neobank Bunq rolls out customer-facing gen AI tool
The new tool, called Finn, replaces the search function on Bunq’s app, allowing consumers to plan their finances, budget, navigate the platform and find transactions.
By Anna Hrushka • Dec. 20, 2023 -
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Don’t know what a digital wallet is? We’ve got you covered.
This primer fills in the gaps on how digital wallets work, what companies compete to provide such payment tools and what to expect from them in the future.
By James Pothen • Dec. 20, 2023 -
Screenshot, House Financial Services Committee YouTube
FTX files plan to end its expensive bankruptcy
The plan values assets at their Nov. 11, 2022, rate, which is much lower than their value today. Bitcoin, for example, has more than doubled in price since then.
By Gabrielle Saulsbery • Dec. 19, 2023 -
Webster Financial to buy medical fund custodian for $350M
It’s the bank’s second consecutive deal involving a deposit-gathering platform. Webster said it would acquire interLINK, a platform managing $9 billion in deposits, last December.
By Rajashree Chakravarty • Dec. 18, 2023 -
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SEC won’t budge on crypto regulation
In denying a petition submitted by Coinbase, the agency has concluded rulemaking isn’t needed for issuers and intermediaries to know which – and how – crypto assets fit within securities law.
By Robert Freedman • Dec. 18, 2023 -
Supatman via Getty Images
Neobank Dave’s new chatbot achieves 89% resolution rate, CEO says
The neobank and personal finance app this month launched DaveGPT, a gen AI-driven chatbot that can respond to customer inquiries in real-time.
By Anna Hrushka • Dec. 13, 2023 -
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Payitoff teams up with fintechs to lower student loan payments
The debt guidance platform provides borrowers access to federal repayment plans as student loan payments resume after over three years.
By Rajashree Chakravarty • Dec. 13, 2023
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