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...
Mastercard has chosen spend management/virtual card FinTech Extend as one of its financial operations platform partners. The collaboration, announced Monday (Oct. 19), is designed to bring new spend and expense management tools directly to commercial card issuing banks in the U.S. and Canada. “Banks start...
The banking industry will respond to the rise of artificial intelligence-driven cash optimization tools by using relationships with customers and offering the same services these tools offer, with the added benefit of bank-grade information security, Fifth Third Bancorp Chairman, CEO and President Tim Spence said...
Banks campaigning to prevent stablecoins from draining their deposit base may already hold a simple but powerful competitive tool. A new working paper published by the Bank for International Settlements (BIS) finds that higher bank deposit rates predict slower stablecoin growth, suggesting traditional lenders can...
Huntington National Bank has debuted a new operating system designed for small businesses. The 1866 Studio, named for the year the bank was founded, was built using Google’s Gemini artificial intelligence (AI) platform, the tech giant announced Monday (Oct. 19). “Small business owners shouldn’t have to become experts in every...
Santander has teamed with Nvidia to come up with capabilities for evaluating artificial intelligence models and agents for banking. This work by the Santander AI lab is designed to help determine which AI model is best suited for a task and deploy it in the...