Technology: Page 16
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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 -
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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 -
Explore the Trendline➔
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TrendlineFintech disruption in the banking industry
There are as many schools of thought on how to disrupt the banking space as there are disruptors.
By Banking Dive staff -
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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 -
Courtesy of Green Dot
Green Dot faces Fed’s proposed consent order
The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.
By Gabrielle Saulsbery • Feb. 28, 2024 -
Permission granted by Treasury Prime
Treasury Prime has laid off half its staff
The banking-as-a-service platform is shedding its fintech-bank liaison duties — and about 40 to 50 employees — to focus exclusively on providing software to banks.
By Gabrielle Saulsbery • Feb. 28, 2024 -
Dan Kitwood / Staff via Getty Images
Kraken wants SEC suit dismissed
The playbook for Kraken's motion to dismiss looks a lot like those of Binance and Coinbase.
By Gabrielle Saulsbery • Feb. 23, 2024 -
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AI could spark change in the SMB lending space: white paper
Financial institutions, including fintechs, can leverage artificial intelligence technology like machine learning to automate lending decisions, a white paper commissioned by Uplinq said.
By Rajashree Chakravarty • Feb. 21, 2024 -
Justin Sullivan via Getty Images
PayPal invests in AI startup Rasa
The investment is the first that the digital payments pioneer is making from its new artificial intelligence venture fund.
By Tatiana Walk-Morris • Feb. 20, 2024 -
Win McNamee / Staff via Getty Images
Capital One to acquire Discover in $35.3B deal
The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.
By Dan Ennis • Feb. 20, 2024 -
Permission granted by SoLo Funds
SoLo Funds nears 2M users
The peer-to-peer lending platform has faced some regulatory backlash, but a study from London's Centre for Economics and Business Research shows it's cheaper than many other subprime options.
By Gabrielle Saulsbery • Feb. 14, 2024 -
Just_Super via Getty Images
NY AG expands suit against DCG
Attorney General Letitia James initially alleged that Digital Currency Group and others defrauded investors of $1 billion. Now, after hearing from more investors, that number is up to $3 billion.
By Gabrielle Saulsbery • Feb. 12, 2024 -
Melissa Sue Gerrits via Getty Images
HSBC CEO knew of a plan to poach SVB bankers, First Citizens alleges
First Citizens filed an amended complaint in federal court Wednesday, in line with a judge's order last month to "clean up" its initial $1.2 billion lawsuit.
By Gabrielle Saulsbery • Feb. 9, 2024 -
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Q&ABanks should step up scam response: fraud expert
With regulators gearing up to take a stronger stance against digital payments fraud, banks must focus on how they handle scams, one executive says.
By Caitlin Mullen • Feb. 9, 2024 -
MF3d via Getty Images
Yellen backs legislation to avert AI threat to financial stability
Testimony by the Treasury secretary follows a pledge by the Biden administration to seize on the benefits of artificial intelligence while containing its risks.
By Jim Tyson • Feb. 8, 2024 -
Permission granted by MoneyLion and EY
MoneyLion, EY partner to co-build ‘turnkey’ solutions for banks
The partnership will help to drive deposits for mid-sized banks and help diversify their existing revenue streams by implementing comprehensive digital marketplaces inside their ecosystems.
By Rajashree Chakravarty • Feb. 7, 2024 -
Dan Kitwood/Getty Images News via Getty Images
Fed ends enforcement action against Farmington State Bank
The small Washington state-based bank was heavily tied to FTX before the crypto exchange's implosion.
By Gabrielle Saulsbery • Feb. 7, 2024 -
Permission granted by Fiserv
Fiserv CEO details special bank charter pursuit
The processing and acquiring company, which seeks a “very specific” special bank charter, doesn’t intend to compete with its financial institution partners, Fiserv CEO Frank Bisignano said Tuesday.
By Caitlin Mullen • Feb. 7, 2024 -
Courtesy of Peterbilt
Fleet fintech ditches Visa for Mastercard
Fuel card startup AtoB, with $112 million in financial backing, plans to take on dominant fleet service rivals Wex and Fleetcor.
By Lynne Marek • Feb. 6, 2024 -
da-kuk via Getty Images
Vast Bank discontinues crypto mobile app
The Tulsa, Oklahoma-based lender told customers their digital assets would be liquidated and accounts would be closed. Customers will receive stranded assets via cashier’s check, the bank said.
By Rajashree Chakravarty • Feb. 5, 2024 -
Dan Kitwood via Getty Images
Celsius emerges from bankruptcy after 18 months
As part of its bankruptcy exit, the crypto exchange is distributing $3 billion to creditors and launching a Bitcoin mining firm.
By Gabrielle Saulsbery • Feb. 2, 2024 -
Just_Super via Getty Images
Genesis Global settles SEC suit for $21M
The settlement will, among other things, "eliminate the risks, expenses, and uncertainty associated with protracted litigation against the SEC."
By Gabrielle Saulsbery • Feb. 2, 2024 -
Dan Kitwood via Getty Images
FTX to repay customers, nixes reboot
“I’d like the court and stakeholders to understand this is not a guarantee. ... But we believe the objective is within reach and we have a strategy to achieve it,” said FTX attorney Andrew Dietderich.
By Gabrielle Saulsbery • Feb. 1, 2024 -
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Nasdaq to cut jobs to streamline operations: report
The second-largest U.S. stock exchange is planning to cut its workforce as it integrates software provider Adenza into its business to improve efficiency, Bloomberg reported.
By Rajashree Chakravarty • Jan. 31, 2024 -
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The banking industry outlook on 2024: The year of wait-and-see
A capital requirements proposal, fintech regulation and the CFPB itself hang in the balance as opinions (from the public and a court) and an ever-ticking clock loom large.
By Dan Ennis • Jan. 30, 2024
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