In a bank’s back office, an employee pulls up a customer’s account on a decades-old terminal, reads the balance and types it into a newer web form to finish the file. The two systems don’t talk to each other. The person in the chair is...
Some of the world’s largest banks have reportedly handled billions of dollars for a Kremlin-backed FinTech that used forgery to enter the international financial system. An investigation by the Financial Times (FT) published Monday (Sept. 21) found that A7, a company established as an alternative...
FinTech company Avant filed an application to establish an insured national bank called Avant Bank, N.A., the company said in a Friday (Sept. 18) press release. Avant filed the application for a national bank charter with the Office of the Comptroller of the Currency and...
Before 2008, new banks routinely entered the U.S. banking system by the dozens each year. Since 2010, they have appeared at a rate of fewer than six a year. From 1995 through 2007, the lowest annual number of new banks was 93, according to Federal...
Silicon Valley Bank’s collapse became shorthand for the digital bank run. Billions of dollars left quickly while warnings and speculation circulated online. Three years later, an independent review is challenging the connection between those two events. “[W]hile many postmortem accounts have asserted that social media...
Watch more: Digital Shift With Flagright’s Chris Phillips Financial institutions have spent years stalking the risks and opportunities that artificial intelligence brings to their security-critical space. Then came AI agents. These agents could give banks something their existing financial crime operations struggle to produce: investigations...
American Express launched a new high-yield Business Savings account as part of its strategy to add integrated financial solutions to Amex Business membership, the company said in a Tuesday (Sept. 15) press release. The high-yield Business Savings account offers an annual percentage yield (APY) of...
Wells Fargo says it has brought its international money transfer service to its banking app. ExpressSend Mobile makes Wells Fargo the only major American bank to offer a dedicated mobile remittance service, the lender said in a Wednesday (Sept. 16) news release. “Many of our customers...
Lineage Bank, a Tennessee-based bank that was a partner bank for Synapse, the banking-as-a-service (BaaS) provider that went bankrupt in 2024, has rebranded as Harpeth Bank & Trust. The bank announced the name change in a Tuesday (Sept. 15) post on LinkedIn. “This transition reflects...