The 2023 collapse of Silicon Valley Bank reminded fintechs and financial institutions of the importance of having a backup loan servicer in the case of a trigger event.  Examples of trigger events could include a bank collapse, a change in leadership or a servicer being unable to keep up with the level of collections needed…

Things we’re reading today include … Bank of England investigating claim Metro Bank put customers’ data at risk | The Guardian Are global bank capital rules possible? | The Asset Rakuten Could Combine Bank and FinTech Operations (pymnts.com) Pairing cryptocurrency mining with green hydrogen could boost deployment of renewable energy – MINING.COM Swiss banking giant……

Just been having a few meetings about the future of payments. Funnily enough, that sounds like the theme of my new book Intelligent Money. The message? Money is embedded, invisible and intelligent. It is ubiquitous, everywhere, anywhere. It is just part of the fabric of the world we live in. But then I thought further, talking……

Jefferson City, Mo.-based Central Bank is looking to data analytics and AI to provide customers with insights about their financial health and increase overall engagement.  “We have 7 million mobile banking logins a month on our platform, but the average time on the app is less than a minute,” Daniel Westhues, executive vice president of…

FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing billions of dollars from customers, marking the final chapter in a case that has upended the crypto industry. US District Judge Lewis A. Kaplan delivered the sentence in federal court in Manhattan moments after Bankman-Fried said he was “sorry about what happened…

Ally Financial named a new chief executive today, ending a three-month search. Michael Rhodes will take the reins of the bank April 29 and become a member of the board, according to an Ally release. Prior to joining Ally, Rhodes served as CEO of Discover Financial Services, which Capital One announced plans to acquire last month. He has 25…

In the banking industry, transaction monitoring stands as a critical pillar of defense against fraud, money laundering, and other illicit activities. While traditional methods have served their purpose, the landscape is evolving, demanding a more sophisticated approach. This is where machine learning emerges as a key driver, offering remarkable capabilities in transaction monitoring. Transaction monitoring…

Allison Shonerd, managing director and head of Global Digital Disbursements in the Global Payments organization of Global Transactions Services at Bank of America, is focused on meeting the growing demand for payment solutions through innovation.  The $3.2 trillion bank’s noninterest expenses in the fourth quarter of 2023, which include technology spend, increased 14% year over…

The G20’s central banks announce a global alliance for digital currencies It’s been bubbling away for a while but, as central banks are launching CBDCs (Central Bank Digital Currency) all over the world, there is now a G20 agreement to create a global digital currency. Initiated by Christine Lagarde at the European Central Bank (ECB),……

Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we’re looking at Robinhood’s new Gold Card, challenges in the BaaS space and how a tiny startup caught Stripe’s eye. To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Sunday at 7:30 a.m. PT, subscribe here.  The big…