Truist is seeking a buyer for specialty lender Afco Credit as the bank sharpens its focus on banking operations, Bloomberg reported Monday (Oct. 26), citing unnamed sources. Afco handles insurance premium financing, and Truist is unloading noncore lending businesses, according to the report. Truist is...
First Internet Bank of Indiana has cut compliance review times for Small Business Administration (SBA) loan applicants by 87% using AI agents, according to a case study from artificial intelligence compliance company Bretton AI. Reviews that took eight to 10 hours now take less than...
Citi’s new program that offers higher savings rates to reward clients who deepen their relationship with the bank went live Monday (Oct. 26). When announcing the program, Premium Boost, in a Sept. 24 press release, Citi said it adds enhanced savings rates to the other benefits it already offered...
Major U.S. banks are detecting and deleting unauthorized third-party artificial intelligence agents that are taking actions inside customer accounts, Reuters reported Thursday (Oct. 22), citing a paywalled article by Axios. Some of the agents the banks have detected appear to have tried to take actions that...
TerraPay announced it has integrated its payee verification service with Kinexys by J.P. Morgan’s Liink network, expanding financial institutions’ ability to check bank account and digital wallet details before sending cross-border payments. The integration connects TerraPay Verify with Liink’s Confirm application, allowing banks and nonbank...
J.P. Morgan Chase is reportedly getting closer to obtaining a banking license in Nigeria. The largest U.S. bank has deposited 50 billion naira ($37.5 million) with the Central Bank of Nigeria, Bloomberg News reported Tuesday (Oct. 20), citing sources familiar with the matter. The deposit,...
Third-quarter results from PNC, U.S. Bancorp, Truist, Fifth Third, Regions and KeyCorp show that regional banks are putting artificial intelligence into everyday banking operations, while several report more commercial lending and greater use of business credit. PNC CEO Bill Demchak used the bank’s third-quarter earnings...
Finastra has launched a cloud-enabled solution designed to help U.S. banks digitize and automate their standby letter of credit (SBLC) flows, without having to deploy a full trade finance platform, the company said in a Monday (Oct. 19) press release. The new Finastra StandbyX offers...
Banks are developing tokenized deposits to give corporate customers faster access to their money. In doing so, they are making the deposits they use for funding easier to move. A research briefing from the Federal Reserve Bank of Kansas City published Friday (Oct. 16) examined...