Fiserv bets on Japan’s digital initiative; Klarna deepens Walmart ties
The bank technology seller’s deal with Sumitomo Mitsui Card Company is an opportunity to cash in on a government initiative to reduce cash — and comes on the heels of an earnings miss. Plus, Klarna plans to offer more credit options through a partnership with Walmart-backed OnePay, Revolut embraces agentic AI protocols and more in […]
Justices wary of Trump’s urgent need to remove Fed’s Cook
The Supreme Court Wednesday appeared skeptical of the Justice Department’s argument that removal of a Federal Reserve governor is unreviewable or that the president’s preference for Fed governors outweighs the harm to the Fed from curbing the central bank’s political independence.
Banks that fail to rebuild themselves as AI-native risk irrelevancy
The future of banking will see core bank systems rebuilt around artificial intelligence tools that inform decisions about everything from underwriting to compliance. Banks must begin the transition now.
Trump, again, calls on Congress to cap credit card rates
President Trump in Davos, Switzerland talked about his call for lower credit-card interest rates and more affordable housing in a lengthy speech that mostly focused on his plan to take over Greenland.
PayPal turns to AI to boost branded checkout
The payment company is betting on agentic commerce to get its checkout tech in front of more merchants and consumers.
Credit card payment rails cannot handle AI-driven transaction volume
As artificial intelligence agents play an increasingly large role in enterprise finance, traditional credit card rails will be incapable of handling the speed and volume of transactions. Something new is needed.
As CFPB retreats, state AGs and bank regulators step up
The Consumer Financial Protection Bureau has backed off enforcement and supervision of consumer protection laws, leaving states to fill the void — and potentially creating a “patchwork” of state laws that banks will have to comply with.
KeyCorp, facing activist investor heat, tweaks board lineup
The Cleveland-based bank announced changes Tuesday to its board of directors, including the appointment of a new lead independent director. Last month, activist investor HoldCo Asset Management urged the bank’s board to not re-nominate its longtime lead independent director.
NYSE, DTCC developing blockchain-based securities trading
The financial market infrastructure providers are taking advantage of political tailwinds and technology advancements to offer 24/7 trading over distributed ledgers.
Fifth Third’s old-school plan to keep Comerica customers
In the 11 months after Fifth Third completes its acquisition of Comerica, the Cincinnati bank plans to send 13 million-to-14 million pieces of paper mail to retail customers. CEO Tim Spence says the old-fashioned method “still works,” and actually has some advantages over more modern modes of communication.