Banks face AI ‘arms race’ in battle against cyber threats: Barr

It is critical for financial institutions to make investments in generative AI to safeguard against cyberattacks, the Federal Reserve's vice chair for supervision said.

By Anna Hrushka • Oct. 6, 2023

USAA, Truist settle mobile deposit patent-infringement case

Financial details of the deal were not disclosed. The agreement comes less than two months after USAA and Discover hatched a deal giving the card network access to 130 USAA patents.

By Dan Ennis • Oct. 6, 2023

Explore the Trendline➔

Customer service

Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have.

By Banking Dive staff

Banks would have to disclose crypto exposure in new Basel plan

The Basel Committee on Banking Supervision put some onus of this year's banking crisis on crypto in a report Thursday. It also announced a proposed framework for banks who touch crypto, to debut soon.

By Gabrielle Saulsbery • Oct. 5, 2023

Senate bill would let SMBs use SBA loans to cover fintech fees

The Financial Technology Association is backing a bill that would clarify that loans made through the Small Business Administration’s flagship lending program can be used to pay for fintech services.

By Anna Hrushka • Oct. 4, 2023

SEC can’t appeal judge’s Ripple decision

U.S. District Judge Analisa Torres rejected the regulator’s motion to appeal her July decision, but set a court date for other aspects of Ripple’s case.

By Gabrielle Saulsbery • Oct. 4, 2023

Three Arrows Capital co-founder arrested in Singapore

Su Zhu founded crypto hedge fund 3AC with Kyle Davies in 2012. Its bankruptcy 10 years later contributed to the downfall of several crypto companies. Recently, a Singapore court called for jail time.

By Gabrielle Saulsbery • Oct. 2, 2023

Ripple backs out of Fortress Trust acquisition

A deal to acquire the crypto custodian was announced on Sept. 8 but canceled a mere three weeks later. Ripple remains an investor in Fortress, CEO Brad Garlinghouse said.

By Gabrielle Saulsbery • Sept. 29, 2023

Banking events for the 2023-24 conference season

It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.

By Dan Ennis • Sept. 29, 2023

Keeping track of multiple BNPL loans? There’s an app for that.

Cushion CEO Paul Kesserwani felt overwhelmed when he tried to keep track of several BNPL loans at once, so he shifted his fintech’s focus to help others in the same boat.

By Gabrielle Saulsbery • Sept. 27, 2023

Chase digital bank to ban crypto payments for UK customers

“If we think you're making a payment related to crypto assets, we'll decline it,” Chase U.K. told customers in an email reported by CoinDesk.

By Gabrielle Saulsbery • Sept. 26, 2023

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 Anna Hrushka • Sept. 21, 2023

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 Rajashree Chakravarty • Sept. 19, 2023

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 Anna Hrushka • Sept. 13, 2023

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 Gabrielle Saulsbery • Sept. 13, 2023

Truist plans ‘sizable reductions’ in jobs, unveils $750M in cost savings

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 Anna Hrushka • Sept. 12, 2023

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 Suman Bhattacharyya • Sept. 11, 2023

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 Gabrielle Saulsbery • Sept. 11, 2023

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 Gabrielle Saulsbery • Sept. 8, 2023

Morgan Stanley to roll out AI bot

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 Gabrielle Saulsbery • Sept. 7, 2023

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 Anna Hrushka • Sept. 7, 2023

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

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 Gabrielle Saulsbery • Sept. 6, 2023

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 Anna Hrushka • Sept. 6, 2023

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 Gabrielle Saulsbery • Sept. 6, 2023

‘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