‘Zero-knowledge’ proofs could revolutionize banking compliance
Noelle Acheson looks at how zero-knowledge proofs are more than a new way of looking at financial compliance — they also change how we understand the ownership of knowledge.
Fees drive increased profits at U.S. Bank
Noninterest income at the Minneapolis-based company jumped more than 10% while asset quality improved and expenses held steady.
FIS rolls out AI-based transaction routing at checkout
The bank technology company has released Smart Basket, which uses emerging artificial intelligence to improve transaction routing, a strategy that’s quickly becoming table stakes for fintechs and financial institutions that offer payments.
BMO inks deal to sell 138 U.S. branches to First Citizens
The Canadian bank plans to sell the branches, which are mostly in the Midwest and Great Plains, to First Citizens Bank in North Carolina. At the same time, it plans to build 150 branches over the next five years in markets with longer-term growth prospects.
BNY tops estimates, reports revenue upswing
Bank of New York Mellon recorded another quarter of higher-than-expected revenue and earnings. Revenue for the third quarter rose 9% year over year, while earnings per share beat Wall Street’s forecast by 12 cents.
JPMorganChase, Wells Fargo, Capital One issue scam warnings
During cybersecurity awareness month (October), financial institutions have ramped up education on phishing, fraud and cyber hygiene. Here’s what they’re saying.
Revamp of ‘ticky-tacky’ rules would be a windfall: PNC’s CEO
PNC CEO Bill Demchak said Wednesday that regulatory processes and enforcement actions take up half of the time that the company’s board spends together. Those rules are on deck for a makeover.
Five challenges banks face when they consider crypto services
New research from American Banker finds that financial institutions are asking about ROI, infrastructure costs and compliance burdens.
Judge pauses shutdown firings as Vought vows more to come
A federal judge in San Francisco ordered a temporary halt to reduction in force orders issued by the Office of Management and Budget during the government shutdown, while OMB Director Russell Vought has said he expects to lay off more than 10,000 federal workers.
Mastercard, Visa embrace agentic AI
Mastercard has added an “agentic cloud” to speed deployment, while Visa has issued a protocol to help AI agents communicate. That and more in American Banker’s global payments and fintech roundup.