Adyen shells out $335 million on AI to bolster corporate billing
The Dutch payment processor has agreed to acquire artificial intelligence-powered fintech biller Orb, its second acquisition in three months in an effort to speed development.
City National names COO, JPMorgan sells Lego version of new HQ
City National Bank appointed longtime executive David Cameron as chief operating officer; JPMorganChase is selling a limited-edition Lego version of its new midtown Manhattan headquarters; Esquire Financial Holdings received regulatory approval to complete its acquisition of Signature Bank in Chicago; and more.
Is the agentic payments wave leaving banks behind?
Visa and Mastercard are making it easier for AI agents to make autonomous payments within large language models, while fintechs such as Robinhood and Coinbase are opening their doors to those same agents to keep customers within their ecosystem. Payment experts say that puts banks on the defensive.
PNC’s solution to rising AI costs: build its own AI
The bank has decided it doesn’t want to be at the mercy of tech companies and the price they demand for services, and is building its own “AI factory.”
Trump taps Wall Street top cop Clayton as intelligence chief
Clayton, as US attorney for the Southern District of New York, heads the nation’s most prominent federal prosecutors’ office.
Tokenization is coming, but the US may lose the chance to write its rules
Tokenization of assets is going to transform global finance, but by dragging their heels on establishing clear rules of the road, U.S. regulators could be pushing the development of key infrastructure overseas.
Compliance expectations muddied with immigration advisory
Regulators are not requiring banks to verify customer citizenship under a May executive order, which is a relief for banks. But how a new Fincen-led guidance will shift compliance expectations remains unclear, especially for smaller banks.
California financier arrested for $100 million bank fraud
Federal prosecutors arrested and charged Mahender Makhijani, 44, with orchestrating a $100 million bank fraud against Western Alliance Bancorp.
Why PNC is building its own ‘AI factory’
The super-regional bank is increasingly building AI on its own. The point, CEO Bill Demchak said this week, is not just to foster innovation but to protect the bank from rising costs.
Figure brings real estate onto blockchain through Kiavi deal
The blockchain fintech acquired the real estate lender through a joint venture to tokenize housing loans and test its new AI-powered onboarding agent.