Transactions: BNY, CBA join for cross-border near real-time payments BNY has joined forces with Commonwealth Bank of Australian to provide its customers with near real-time payments for cross-border transactions.  By working with CBA, BNY customers can make and receive payments in about 60 seconds, an Aug. 22 BNY release stated. BNY will connect its existing international payments services network to CBA’s New Payments Platform […]
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FedNow nears onboarding of 1,000 financial institutions ATLANTA — Instant payments rail FedNow is nearing the addition of its 1,000th financial institution, and the Federal Reserve credits the growing adoption to its network of fintechs that enable the integration.   The Fed launched FedNow in July 2023 with 35 financial institutions.   “We’re seeing a lot of interest,” Bernadette Ksepka, vice president […]
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BMO bot enables 3M customer interactions Bank of Montreal is deploying AI to improve customer experience and grow digital sales of its products to gain market share.  In its third fiscal quarter of 2024, which ended June 30, BMO reported that nearly 3 million AI-enabled customer interactions were performed by its AI-driven chatbot, BMO Assist, according to its Aug. 27 earnings […]
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UK digital bank OakNorth approved to market products, services in the US United Kingdom-based digital bank OakNorth was granted regulatory approval by the Federal Reserve and the New York State Department of Financial Services on Aug. 26 to market its products and services in the United States.  The bank’s “U.S. representative office will act as a liaison with current and prospective U.S. customers of the bank,” an […]
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Movers and Shakers: Wells Fargo appoints two new tech leaders San Francisco-based Wells Fargo appointed Tracy Kerrins as head of consumer technology and leader of the bank’s new generative AI team, according to a July 30 release.  Kerrins, who joined Wells Fargo in 2019, has been CIO for consumer technology and enterprise functions technology. “Our new generative AI team will work closely with our data […]
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