Technology: Page 33
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Crypto brokerage Voyager files for Chapter 11 bankruptcy
The move allows the company to reorganize as it seeks to recover losses from a defaulted loan to hedge fund Three Arrows. A firm owned by FTX CEO Sam Bankman-Fried is Voyager's largest creditor.
By Dan Ennis • July 6, 2022 -
Permission granted by Revolut
Revolut names new US CEO to accelerate North American growth
The move represents an expansion of responsibilities for Sid Jajodia, who will continue to serve as the company’s chief banking officer, a role he’s held since July 2021.
By Anna Hrushka • July 5, 2022 -
Explore the Trendline➔
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
Retrieved from Novi on May 27, 2020
Meta to shutter Novi digital currency project Sept. 1
The company’s website tells users how to withdraw funds and access transaction data that they’ll lose access to once the Novi pilot ends. Meta, however, said it plans to use Novi’s technology in future projects.
By Dan Ennis • July 5, 2022 -
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FTX could buy BlockFi for up to $240M
The deal boosts — to $400 million — a revolving credit facility the crypto exchange offered the lender last month. The potential purchase price may vary based on “performance triggers.”
By Robin Bradley • July 1, 2022 -
Veriff/Jake Farra
Sponsored by VeriffInnovation's role in improving onboarding and blocking bad actors
In an increasingly digital world, where food, entertainment and transport are available on-demand, today's banks must take customers' expectations into account in order to remain competitive.
July 1, 2022 -
Bank regulators' heightened scrutiny of AI highlights third-party risk
As regulators signal a tighter focus on artificial intelligence and machine learning, banks need to be vigilant about their internal models, as well as the models used by vendors, an expert says.
By Anna Hrushka • June 29, 2022 -
Permission granted by BetaBank
Chicago de novo taps Google to build bank on the cloud
The startup bank submitted its application for deposit insurance with the FDIC in April, and plans to use a proprietary lending algorithm to provide small business owners unbiased access to flexible capital, founder Seke Ballard said.
By Anna Hrushka • June 22, 2022 -
Shutterstock.com / jamesteohart
Sponsored by AmdocsHow banks can incorporate a digital‑only strategy into their business
As traditional banking relationships are being disrupted, opting to appeal to the tech-savy next generation of consumers has become paramount.
June 21, 2022 -
Permission granted by Truist
Truist opens Innovation Technology Center in Charlotte headquarters
The 100,000-square-foot space is a physical manifestation of the bank’s technology, touch and trust concept, said Ken Meyer, Truist’s divisional CIO and experience officer.
By Anna Hrushka • June 21, 2022 -
Monica Schipper via Getty Images
State Street boosts its focus on digital transformation
The bank’s tech spend is expected to stay level this year. It just wants to use less of it to run the bank day to day and put more toward AI, automation and like technologies, its CIO and CFO said this week.
By Grace Noto • June 16, 2022 -
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Sponsored by AmdocsDigital transformations – Why technology alone will not transform your bank
Launching and successfully implementing banking digital transformations means looking beyond technology.
June 13, 2022 -
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Sponsored by RedisInstant customer experiences in financial services with a real-time database
To succeed in today’s fast-paced digi-sphere, meet customer expectations with a real-time database.
June 13, 2022 -
Mario Tama via Getty Images
ColumnCiti's 7,000 new-hire push should come as no surprise
The bank warned investors in March that expenses could jump 10% to 12% over first-quarter levels. And it said it would pour some of its retail-exit windfall back into wealth management.
By Dan Ennis • June 8, 2022 -
Just_Super via Getty Images
Crypto framework would define SEC, CFTC oversight purview
A bipartisan Senate measure introduced Tuesday tackles regulatory requirements on stablecoin issuers, taxes on crypto transactions and delineates commodities and securities. But its chances of passing appear low.
By Robin Bradley • June 7, 2022 -
Qi Yang via Getty Images
Sponsored by West MonroeWhy a digital operating model is necessary for banks to reach their goals
To meet demands from inside and out, banks need a digitally forward operating model to power the entire enterprise.
June 6, 2022 -
Shutterstock/ImYanis
Sponsored by StatfloWhat you need to know about maintaining compliance with SMS regulations
SMS Regulations: How do you keep your company in compliance?
June 6, 2022 -
Permission granted by Quontic Bank
Deep DiveBanks eye first-mover advantage to embracing the metaverse
Banks are carving out their own spaces in the metaverse, a virtual world estimated to represent a $1 trillion market opportunity.
By Anna Hrushka • June 2, 2022 -
Courtesy of https://www.varomoney.com/press/
Varo Bank could run out of funds by year-end, filing shows
The bank reported $263 million in equity and a burn rate of $84 million in 2022's first quarter. It has cut 65 employees since the previous quarter. However, the bank doesn't need to raise more capital, its CEO said.
By Anna Hrushka • May 31, 2022 -
Alex Wong via Getty Images
CBDC, stablecoins and commercial bank money can coexist, Brainard says
The Federal Reserve vice chair, at a House Financial Services Committee hearing Thursday, also called for stricter regulation in the stablecoin space.
By Robin Bradley • May 27, 2022 -
Courtesy of The Consumer Financial Protection Board.
CFPB won't let lenders hide behind algorithms
Lenders that use "black-box" models to determine creditworthiness must still give denied applicants detailed reasoning under ECOA, the bureau said Thursday.
By Dan Ennis • May 27, 2022 -
Chris Hondros via Getty Images
JPMorgan Chase taps PayPal exec Peggy Mangot to head fintech partnerships
The Wells Fargo and Google veteran, who joined the bank this month, leads a team responsible for designing, developing and driving fintech partnership strategy at JPMorgan's commercial bank.
By Anna Hrushka • May 26, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB recasts innovation office to emphasize competition
The bureau walked back its no-action letter and sandbox policies in favor of "incubation events" meant to troubleshoot barriers to innovation and help customers switch providers more easily.
By Dan Ennis • May 25, 2022 -
Mark Wilson via Getty Images
CBDC would pull deposits away from banks, trade groups tell Fed
A U.S. digital dollar would take $720 billion in deposits out of banks even if the central bank were to cap accounts at $5,000 per "end user," the American Bankers Association wrote in a letter.
By Robin Bradley • May 24, 2022 -
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VyStar outage leaves members without digital banking access for 10 days
The credit union had planned to take down its systems May 13-15 for upgrades but discovered persistent issues and "decided to invest the time ... to make sure we get this right for our members," its CEO said.
By Robin Bradley • May 24, 2022 -
Permission granted by Stretch
Neobank Stretch wants to bank individuals with a conviction history
Stretch is zeroing in on the struggles the formerly incarcerated face, pain points that are not adequately addressed in the mainstream banking system, Founder Yasaman Hadjibashi said.
By Anna Hrushka • May 19, 2022
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