Things we’re reading today include … Commercial Bank of Ethiopia glitch lets customers withdraw millions – BBC News Fintech collects almost 40% of last week’s €672M invested in European tech – Tech.eu Banks Invest in United Fintech as Digital Transformation Gap Widens – Traders Magazine UK fintech start-up Silverbird enters special administration – FinTech Futures:……

Way back in 2012, I invested £1,000 in bitcoins on Mt.Gox, the Japanese-based exchange that was the most popular platform at that time for trading in said currency. Then they got hacked and went bankrupt in 2014. You may remember but, just in case: Launched in 2010, it was handling over 70% of all bitcoin……

Nashville, Tenn. — Arc Technologies charted a 12X increase in loan originations year over year in 2023, as it gained customers and deposits when businesses looked to pivot to new banking partners after the collapse of Silicon Valley Bank. One year after the banking crisis, digital bank Arc is on track for “billions in deposits…

NASHVILLE, Tenn. — Wells Fargo has created a generative AI council within the organization to study implementation, development and deployment of gen AI. Steve Hagerman, chief information officer of consumer technology at Wells Fargo, said today during Bank Automation Summit 2024 that the bank’s gen AI council consists of five bank leaders: People officer;  …

Miami-based Onyx Private, a Y Combinator-backed digital bank that provided banking and investment services for high-earning Millennials and Gen Zers, is terminating its bank operations. In a March 13 email to a customer viewed by TechCrunch, with a subject line that read: “Important Notice: Termination of Bank Operations and Account Closure” Onyx wrote, “We are…

This week’s main blog discussions include … How the Wirecard story unravelled: an interview with Dan McCrum who broke the truth I’ve been following Dan McCrum, the investigative journalist with The Financial Times, for quite a while. He’s the guy who broke the Wirecard story, even though it could have meant quite a lot of……

Fintechs are looking to legacy banks with strong portfolios to provide seamless onboarding and digital capabilities following the regional banking crisis last year.  One year after the collapse of Silicon Valley, Signature and First Republic banks, clients are still clinging to “too big to fail” institutions, Ashish Garg, co-founder and chief executive of digital communications…

Digital Grasshopper Bank will roll out an improved check-clearing process this year to streamline the time between depositing a check and gaining access to the funds.  Check deposits are “a complicated process in the industry,” Grasshopper CEO Mike Butler told Bank Automation News, noting, Grasshopper is “working toward giving people access to their money a…

We Were Promised Flying Cars In 2014, Gartner predicted over 75% of the Fortune 1000 would have public APIs by 2017. This number is way higher in 2024! The initial motivation for enterprise APIs was mostly internal benefit: Hardened ‘services’, loosely coupled to each other to enable rapid new development – just like Jeff Bezos…

In the dynamic world of financial services, the need for rapid and precise credit decisions has never been more crucial. This demand is driving a transformative shift towards leveraging Artificial Intelligence (AI) and automation to redefine credit and risk assessment strategies. These technologies promise a future where financial institutions can navigate the complexities of credit…