Banking

The payments processing firm recently filed for Chapter 7 bankruptcy with a nearly $3 million disputed charge owed to a subsidiary of Global Payments.

Jay Plum, head of consumer lending at Fifth Third Bank, says artificial intelligence is fundamentally shifting relationships between banks and their third-party software vendors, allowing banks to do things on their own that they would previously rely on vendors to do for them, like identify risky loans and prepare for exams.

American Banker data found that those who upped artificial intelligence spending by more than 25% in the last year saw major improvements in employee output.

Organizers of the Winter Park-based Portrait Bank said they exceeded their capital-raise target by a wide margin, clearing the path for a June soft launch.

Banks' core ledger systems are a sclerotic holdover from the past. The future belongs to the banks that set them aside and allow transactions to close in real time.

Santander U.S. and Webster Financial are doing integration work in advance of their pending merger, including naming business-line leaders, the banks said in separate notes.

The neobank is rolling out Chime Prime, a new membership service that rewards customers for making Chime their primary bank account.

The Minneapolis-based company plans to leverage the arrangement to draw more attention to its growing list of national business lines, transcending its regional reputation.

The one-click checkout fintech, which launched its own "super app" last year, reduced its current workforce by about 30% last week.

Financial institution members of The Knoble will be using AI to monitor transactions around the soccer games for signs of trafficking and share suspicious activity information with each other.  

Traditional banks ceded control of the fastest-growing segment of infrastructure finance — renewable energy — to private capital. The question now is whether they can reclaim some share of what's left over.

A federal appeals court has agreed to rehear a challenge to a Colorado law intended to combat "rent-a-bank," arrangements that would impose Colorado's interest rate caps on certain out-of-state banks.

Across Latin America, central bank-led instant payment networks have seen enormous growth. The next breakout market is Mexico. If bankers in the U.S. want to see the future of consumer payments, they should look south.

EWA programs benefit workers across the country, making it more likely that they will be able to avoid high-cost credit products like payday loans. Efforts to restrict them will harm consumers.

After French authorities stopped a bomb plot against a Bank of America office in Paris, security experts warned banks to step up their preparations for terror attacks.

Which parties are responsible for the surge persisted as a source of debate as community lenders released updated survey data reflecting their average expense.

The latest generation of anti-money-laundering software uses agentic AI to help alleviate AML alert fatigue. Experts say this use of the technology is promising, though they offer some caveats.

The digital bank launched Big Business Banking, an interface for businesses to manage fiat and crypto assets in the same place and conduct 24/7 transactions.

The largest banks in the country each warn employees against using confidential information for trading activities, but they don't specifically enumerate prediction markets or events contracts. Now, oversight of insider trading on such platforms is gaining traction.