Investment

Artificial intelligence technology captures invoice data in any format and from any source, creating opportunities for myriad benefits in the organization, says Kofax's Michelle Trapani.

The company's Silicon Valley Bank unit reduced its loan-loss cushion by $52 million. Private-equity and VC clients have warmed to the practice of doing deals virtually, which increases lending opportunities, SVB executives said.

As the pandemic speeds digital adoption at financial institutions, the technology giants are pitching products that scan in data from mortgage documents and provide security and compliance controls used by in-house tech developers.

The rulemaking is expected to draw enormous interest from both banks and third-party fintech providers.

National banks just got the OCC's go-ahead this summer to hold and transfer digital assets like bitcoin for customers, but the Paris-based bank has already vetted the technology needed to do the job.

Mexican payments startup Klar has raised $15 million in a Series A round in an effort to challenge traditional banks by expanding access to debit cards and credit lines.

Industry groups have launched new programs that are expected to carry over into 2021, while others are raising new calls for Congress to tackle data security.

Visa on Monday made an investment in Global Processing Services, which powers the payment rails for several challenger banks and fintechs. It's similar to a January investment Mastercard made in Marqeta, an open API card issuing and processing platform.

Even before the pandemic, retailers were pushing terminal makers to adjust to new trends on the fly. Technology cycles have become even shorter now — if there even are development cycles anymore.

Bank of America is applying a familiar arsenal — including APIs and its popular virtual assistant, Erica — to online business banking, cross-border payments and cash management in an effort to modernize those services.