Category: digital currencies

BMO Financial Group increased its technology spend in the third quarter as the bank invested in digital-first efforts and talent. The Montreal-based bank reported a 3% year-over-year increase in tech spend to $2.9 billion, according to the bank’s earnings supplement. The bank’s total revenue for the quarter clocked in at $1.6 billion, down 11% from…

Here is our pick of the 3 most important stablecoin stories during the week. Are CBDC’s preparing to use regulators to out compete better alternatives? CBDC implementations are still in the very early stages and yet there are signs that Regulators are blocking and stifling innovation. The European Union’s Markets in Crypto-Assets legislation could effectively ban…

Automation can help financial institutions (FIs) appeal to younger generations seeking streamlined banking services. “I think it’s very important for every company in financial services to actually make their offerings appealing for the Gen Z customers,” Gustavo Gomez, chief executive of automation platform Bizagi, told Bank Automation News. “Because those are the customers that will…

Reading Cooperative Bank (RCB) is partnering with fintech ZSuite Technologies to launch ZEscrow, an automated commercial escrow solution, and ZRent, an automated payment collection tool. Escrow, trust and “for the benefit of” (FBO) accounts have long been pain points for banks, requiring manual account opening and management processes, ZSuite Technologies Chief Executive Nathan Baumeister told…

A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot. Able collects information and processes it. Commercial lenders use Able to quickly collect details from borrowers, streamline the loan process, and book loans faster. Features Fewer resources per loan Faster processing times Better…

A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot. Deposits offers banks, brands, and communities an easy, low-code solution for financial experiences like payments, mobile apps, and lending — whether they can program or not. Features Use Deposits’ bank office to set…

South African banks see physical money remaining key to their business as almost a third of their customers aren’t ready to go cashless, according to a survey. While 86% of people already use digital banking, almost all customers said they still withdraw cash at least once a month to meet various needs, according to the…

Peer-to-peer payments tool Cash App and its parent company, Block, failed to take necessary precautions to protect the data of 8.2 million customers after a former employee downloaded their information without authorization, according to a class action lawsuit filed last week. The Cash App breach, which occurred in December 2021, points to the importance of…

Choice Bank is leveraging fintech partnerships in order to format and move information between datasets using middleware technology and APIs. The ability for a bank to expand its digital footprint while managing back-end processes is paramount and has become simpler and less costly through the use of APIs and middleware — a type of software…

Consumers are empowered to do almost everything themselves online or via mobile—from comparing prices to checking in at the airport. Where there’s a will, consumers want a way, and that includes procuring their own customer service in the fastest, most convenient way possible. Here are a few things your financial institution can do to ensure…