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U.S. Bank expects revenues from its payments segment to continue to climb as it develops and deploys technology for small- and medium-sized businesses.  The $669 billion bank reported $1.1 billion in payments revenue in the second quarter, up 2.7% year over year, according to the company’s earnings report. Merchant payments processing revenue accounted for 84.3%…

Ally Financial continues to invest in its digital capabilities as clients gravitate toward its online channels.  “We’ve made significant investments to modernize our technology platform, including the core operating system of the auto finance business and ongoing investments in data and analytics,” Chief Executive Michael Rhodes said during today’s second-quarter earnings call.  Ally’s all-digital user…

TD Bank has selected AI-solutions company Cohere to test its AI and large language models and improve their reliability.   Cohere’s solutions will help TD improve security, reduce hallucinations of AI models, and provide multilingual and personalized support to bank customers.  “Cohere is a leading vendor of LLMs and related technologies such as retrieval augmented generation,…

Truist cut jobs in core technology and operations following more recent pullbacks on tech at the institution.  “We recently notified technology teammates about certain roles that will be impacted by Truist’s strategic initiatives,” a Truist spokesperson told Bank Automation News.  The latest tech cuts follow these recent upheavals at Truist:  Chief Information Officer Scott Case…

Things we’re reading today include … Monzo Launches Under 16s Account (ffnews.com) Taylor Swift’s tour kept up inflation – but the Bank of England can just shake it off | The Independent Inside Fintech’s Newest Unicorn: A Credit Card Backed By Your Home (forbes.com) Stripe’s multimillionaire developers are having net worth issues (efinancialcareers.com) The five……

I blogged the other day about what’s hot and what’s not in fintech, but what about what’s hot and what’s not in AI? Equally, as I also blogged, AI is not one thing. It’s a million use cases which are all different. So, what are hot use cases for AI? Well, luckily, Allie Garfinle on Forbes, has surveyed……

The Bank of England warned that its CHAPS service — one of the largest high-value payment systems in the world — has been affected by a global payments issue, causing some large, time-sensitive payments to be delayed. Some UK house sales have been hit by problems with the system, which stands for the UK’s Clearing…

Citizens Bank is deploying generative AI and migrating operations to the cloud as part of its cost-saving and efficiency measures.  The bank reported that 70% of its applications will be on the cloud by the end of 2024 and it aims to deploy generative AI to increase efficiencies at its call centers. “We have launched…

The Consumer Financial Protection Bureau proposed an interpretive rule affecting earned wage products, or paycheck advance products, ensuring that employees are aware of costs and fees for these services, according to today’s CFPB release.  Paycheck advance products allow employees real-time access to earned wages.  “Paycheck advance products are often marketed to and designed for employers,…

KeyBank spends $800 million annually on technology and expects expenses to grow in 2025 as it continues to invest in overall operations.   “The reason we’ve been able to invest is we took $400 million of expenses out last year just for the purpose of being able to invest in people and technology and the…