Fintech

The Saginaw, Michigan-based credit union brought its credit card program back in-house to capture more member spending and gain added control over customer relationships. Previously, its credit card program was managed by a third-party vendor.

The bank is partnering with a French software company to upgrade its usage of the emerging forms of artificial intelligence. Plus, Ripple plans to buy a local payment company to secure a license in Australia, and more in American Banker's global payments and fintech roundup.

The London-based neobank plans to invest $500 million in the U.S. over the next few years amid stiff competition from fintechs, other neobanks and legacy banks.

Fintechs and the technology behind cryptocurrency are becoming popular, putting trillions in transaction value at risk for banks, according to Accenture.

With an application for a U.S. bank charter, the global super app provider aims to expand its offerings and compete with established domestic challengers.

By acquiring the ATM firm, Brink's hopes to expand in retail commerce. Plus, Revolut issues a card to compete with Amex; Standard Chartered has a new payments chief; and more in American Banker's global payments and fintech roundup.

Fifty years of sanctions has forced the Middle Eastern country to develop its own isolated financial system. But money has still found a way to move in and out of the country.

Recent reports from JD Power suggest that more customers choose payment alternatives to avoid surcharge fees.

Federal Reserve Gov. Lisa Cook said AI could boost productivity, but warned the transition may raise unemployment and force difficult tradeoffs between inflation and jobs.

Federal Reserve Bank of Chicago President Austan Goolsbee said the central bank should focus on getting inflation to its 2% target before making any additional cuts to short-term interest rates.