Technology

The use of artificial intelligence and machine learning in financial services, while promising, is not without risk. It's on federal regulators to ensure that algorithms relied on by banks and credit unions aren't harming businesses and consumers.

The issuer will help Skipify develop technology that recognizes returning customers at e-commerce sites, pre-fill payment details and provide access to loyalty programs.

Now that JPMorgan Chase, Goldman Sachs, Capital One and others offer the alternative credit option, the startups that created this market are adding products to cement their hold on consumers and merchants.

The financial technology firm Chime said customers can now deposit cash at more than 8,500 Walgreens Boots Alliance locations, another example of nonbanks pushing deeper into consumer finance.

Banks in Mastercard's True Name program, which allows transgender and nonbinary customers to get cards bearing their preferred name, often use those customers' legal names elsewhere. Three challenger banks have made adaptations to achieve greater consistency across all communication channels.

Banco Bradesco, Brazil’s second-biggest bank by market value, is partnering with the Miami-based fintech BCP Global to offer digital investments to upper-middle-class and rich Brazilians.

Figure Technologies, the startup co-founded by Mike Cagney, created a platform to help private companies raise and trade equity using its blockchain technology.

Immigrants from Brazil, Nigeria and Kenya will be able to get scores based on their home country credit histories under a partnership between American Express and Nova Credit.

Research shows the number of fraudulent transactions and dollar amounts involved are soaring as merchants increasingly go digital. Credit card and other companies are expected to more than double what they invest in AI and other tech to fortify their systems.

By acquiring First Sound Bank in Seattle, the fintech would control the strategic direction of the combined company and won't have to share revenue, CEO Luvleen Sidhu says.