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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……