The 170-year-old Salem Five Cent Savings Bank has hired one private banker and could scale the business further if its performance matches management's expectations.
The latest generation of anti-money-laundering software uses agentic AI to help alleviate AML alert fatigue. Experts say this use of the technology is promising, though they offer some caveats.
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The organization says 'request for pay' has gotten early traction with billing and account-to account transfers. Now it's targeting consumer-to-government and digital wallet disbursements.
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The card network has developed a digital approach to delivering disbursements for disaster relief and other purposes via mobile devices, without requiring a separately downloaded app.
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A $30 billion settlement between Visa Inc., Mastercard Inc. and retailers to cap credit-card swipe fees is likely to be rejected by a federal judge in Brooklyn, a setback in the two decade-long litigation.
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A growing number of startups and banks are trying to design digital experiences that train users to manage their money more responsibly, starting with small amounts in mundane situations.
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First Republic Bank in San Francisco has agreed to purchase Constellation Wealth Advisors for about $115 million.
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City National in Los Angeles, which is being acquired by Royal Bank of Canada, has hired three wealth advisers for its New York office.
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The National Credit Union Administration is hosting an event on equality and inclusion, which will include industry leaders discussing best practices for embracing these ideals.
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Prosper hopes to do for lines of credit what it did for unsecured personal loans, while BBVA hopes to provide a better experience for customers.
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CIT Group has agreed to lend and invest the money mostly in California as well as in the eight states where Mutual of Omaha Bank has branches.
A recent spate of breaches on Asian banks that allowed hackers access to the Swift network have resulted in finger pointing, and some calls for creating a new, more secure network. But the issues faced by Swift would likely be the same with any replacement network.
A recent deal with a gourmet cookie franchise highlights the business that Ogden-based TAB Bank has built lending to companies other banks shy away from.
The agency is seeking input on how to better open up industries up to new entrants. Some see this opening the door to more competition for banks.
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In recent years, stress tests have not accounted for some very clear real-world risks. This must change immediately.
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Nominating and confirming acting Comptroller Michael Hsu would solve a serious problem in a good way.
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The debt ceiling is a law that can only end in disaster. Congress should replace it with a constitutional amendment that requires federal budgets to be balanced and passed on time.
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Artificial intelligence is bringing revenue increases and expense reductions throughout Bank of America, Hari Gopalkrishnan, chief technology and information officer, said at an event Monday.
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While the bank will no longer run the platform, it will continue providing mobility services to clients in the industry.
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The Department of Government Ethics on Saturday released financial disclosures for former Federal Reserve Gov. Adriana Kugler, showing she had executed several individual stock trades in 2024, including during Fed blackout periods, an apparent violation of Fed ethics rules. The Federal Reserve Inspector General has launched an investigation.
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BNY estimates the market for stablecoins, tokenized deposits and other assets will reach a combined value of $3.6 trillion in four years, while Standard Chartered says the entire banking industry will soon be "tokenized." The trend is creating pressure to update strategies and technology.
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The payments fintech recently introduced AI agents to its lineup of products banks and credit unions can pick from and add to their existing technology stacks.
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Haiqu's new encoding technique allows quantum computers to process high-dimensional financial data, showing improved performance in spotting anomalies.
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Following a judge's rejection of a 2024 settlement with merchants, the card networks are offering a slightly higher interchange reduction and easing card acceptance rules. It's the latest attempt to end a legal fight that's two decades old.
Sunrise Banks and other members of the Global Alliance for Banking on Values are encouraging their employees to train the generative AI models they use, so that the models understand values-based banking.
The 23rd annual ranking of women leaders in the banking industry.
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