America’s banking giants are reportedly increasing their use of digital assistants to increase their productivity. As Reuters reported Monday (July 13), banks are promoting agentic artificial intelligence (AI) for things like wealth, client vetting, treasury and trading, focusing on agents that can both autonomously take action on...
Digital bank Nubank’s Mexican operation, Nu Mexico, has received authorization to begin operations as a bank and now has 30 calendar days to complete its transformation into a bank, the company said in a Friday (July 10) press release. Nu received the authorization from the National Banking and Securities...
Watch more: Need to Know With Capital One Business’ Jay Michelini Every financial institution talks about transformation. The technical work may attract the headlines, but the organizational work often determines whether new initiatives succeed or stall. Jay Michelini, vice president of product at Capital One...
Axos Financial subsidiary Axos Nevada Holding plans to acquire Arc Technologies to expand Axos’ artificial intelligence capabilities and enhance its ability to serve small businesses across the United States. The companies have entered into a definitive agreement for the acquisition and expect the transaction to...
JPMorganChase is focusing on smaller companies as it expands its investment banking operations. The banking giant is launching a small-cap investment banking (SCIB) business, expanding its mid-cap investment banking (MCIB) unit, according to a Wednesday (July 8) memo provided to PYMNTS. The new business “broadens...
U.S. Bank has introduced a tool to help small businesses move money faster. Enhanced Payments, announced Wednesday (July 8), is offered through the bank’s mobile app and online banking platform and designed to help businesses save time and lower costs. “Businesses can complete international wires digitally...
Open banking has been discussed as another way to move money, where debate over who controls the data that makes those payments possible is giving way to how that data is delivered, who bears the cost of maintaining secure application programming interfaces (APIs), and whether...
Some of the biggest U.S. banks are exploring a deal that could reshape the economics of debit cards, reopen one of payments’ fiercest policy fights and give large issuers a way around federal fee limits they have opposed for more than a decade. The Wall...
FinTechs are treating banking licenses as strategic infrastructure. Klarna’s decision to apply to establish Klarna Bank USA, a Utah-chartered industrial bank, illustrates that shift. The Swedish company filed applications with both the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp., seeking authority...