Technology

Jerome Powell isn't Fed chair anymore, but he's staying on the board, which might be uncomfortable for his successor.

Schwab services 16,000 RIAs with 2,000 different fee structures. According to the industry's largest custodian, the exact costs come down to "a very personalized negotiation" with the firms.

Expenses and foreign exchange pressured Western Union; while Visa added more blockchains to its stablecoin settlement pilot. That and more in American Banker's global payments and fintech roundup.

Tipalti has developed a set of agentic artificial intelligence agents designed to help businesses navigate transactions and apply for refunds.

The Chicago-based fintech, which offers high-cost loans, has agreed to acquire the parent company of BNC National Bank. The deal would grant OppFi a national bank charter, which offers a way around state interest rate caps.

Plaintiffs allege the banks failed to safeguard names, Social Security numbers and account data after a breach at a vendor neither bank has named.

Banks have a narrow window to shape how agent identity verification works before transaction volumes force ad hoc approaches that will be harder to standardize later.

The payments giant is counting on the FIFA World Cup this summer for windfalls in its consumer and commercial businesses. Long-term, agentic commerce is creating a whole new ecosystem to which Visa can attach itself, Visa CEO Ryan McInerney said on a call with analysts.

The investment firm's Alternatives division comprised a majority of the online lender's $60 million Series C funding round.

While stablecoins aren't widely used for payments, banks still have a role to play in leading the market.