The 44 large bank and insurance company partners of the Fintech Innovation Lab are inviting startups whose technology can help them manage cybersecurity threats as well as handle climate change metrics and other growing needs to join the lab's next cohort.

Government must adapt supervision to account for fintechs, cryptocurrencies and other innovations. Otherwise it could contribute to a debacle like when it failed to grasp the impact that new financial instruments such as money market funds would have on traditional financial institutions.

The bank says it's an investor in and will refer clients to Trovata, which gathers transaction data directly from multiple banks to automate cash reporting, forecasting and analysis for midsize and large companies.

JAM Fintop's Banktech fund, which is backed by community banks, has invested in Monit, a small-business predictive analytics company. Two of the banks have expressed interest in using its product.

Nonfungible tokens, which provide proof of ownership in the digital world, are booming. Payment companies are betting they will require payment rails to fund high-value purchases and attract new customers for loyalty marketing.

When the social network went down, it took its entire commerce platform with it. The incident adds to recent data management snafus, and raises doubts about whether the company can build enough trust to succeed in financial services, according to technology experts.

Many of the application programming interfaces that help banks and fintechs share data predate the law that established open banking on the Continent.

Even with an industry-driven standard in place, some institutions still resist parting with client information.

American banks need the kind of clear rules European institutions have enjoyed for several years if they're to become leaders in sharing consumer data with fintechs.

“We've put a goal there that's very specific, and we're very loud about where we are on the path to it and how we're getting there,” Fitzsimmons said.