Technology

As major vendors consolidate, financial institutions should be looking to adopt emerging technologies, rather than relying solely on legacy firms to provide services.

Both banks and credit unions in fact do a lot today to better the world. Collectively, they pour billions of dollars into their communities and causes that align with their respective mission, writes Elena Pierce, COO of In/PACT.

Chime, a financial technology startup that offers online banking services, is close to raising $300 million at a $1.5 billion valuation, according to two people familiar with the matter.

The pushback on stores that don’t accept cash seems to be gaining momentum, with Philadelphia the latest municipality to consider a law that would ban cash-free shops.

Fintechs and payment startups are creating a range of solutions to SME financing, from crowdlending and invoice-backed factoring to digitalization and formalization of business processes, according to OmniBnk's Andrés Abumohor.

A year after buying the artificial intelligence fintech Layer 6, TD Bank is "rewiring how the organization has worked," Gregory Braca says.

Paul Stoddart, CEO of Vocalink, has been named president of new payment platforms for Mastercard, starting March 1.

Banks are a primary market to be pursued by Blue Hexagon, which received $31 million in venture capital.

Peru is planning a real-time payment system with Vocalink that will put the country on par with similar systems in Thailand, Singapore, the U.S. and the U.K.

Steve Boms, executive director of the Financial Data and Technology Association, says open banking standards are needed for U.S. banks and fintechs to follow.