Financial services firm Ivy has rebranded as Augustus on its road to becoming a bank. The German company announced the name change Monday (May 11) along with some progress on the banking front, as it has received conditional approval from the Office of the Comptroller...
Citi held its Investor Day on Thursday (May 7). Executives laid out a technology-driven growth strategy built on artificial intelligence (AI). Citi is moving AI out of back-office pilots and into a core operating layer. That layer now spans cards, payments, wealth management and consumer...
Chase has added new or enhanced products and services it says are designed for customers who are under the age of 25 or are new to banking. One of these offerings is the bank’s Secure Banking checking account, which allows 17-year-olds open accounts in-branch; lets...
New data finds that federally chartered lenders are electing to become covered savings associations (CSAs). As the Federal Reserve Bank of Cleveland noted in a study published Monday (May 4), CSAs are a relatively new kind of depository institution created by the Economic Growth, Regulatory...
Eurogroup President Kyriakos Pierrakakis says Europe needs larger banks and more cross-border banking mergers. He made these comments to reporters Monday (May 4) when asked about UniCredit’s plans to acquire Commerzbank. “We need European rather than national champions and yes, we need more banking consolidation in Europe, we...
FIS has launched a new platform that enables banks to issue, manage and settle their own digital money while keeping those deposits on their balance sheet. The platform, Lyriq, is designed for regulated financial institutions and has completed seven proof-of-concepts with financial institutions, the company said in a...
Financial services are facing a technological reckoning. Cloud contracts are at the center of it. Ever since cloud migration first started to displace on-premises solutions for core banking architectures, banks have approached modernization initiatives as primarily a story of cost optimization, scalability and resilience. Contracts...
FinTech Mercury says it is one step closer to become a national bank The company announced Monday (April 27) that it has gotten conditional approval for a national banking charter from the Office of the Comptroller of the Currency (OCC) to establish Mercury Bank. “We...
Watch more: Need to Know With LendingClub’s Scott Sanborn Scott Sanborn has been telling people LendingClub needed a different name for 10 years. The first audience was the board that ended up hiring him as CEO. “True story: literally in the interview process,” Sanborn told...