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Bank of America’s big bet on AI started small

CIO

Bank of America will invest $4 billion in AI and related technology innovations this year, but the financial services giants 7-year-old homemade AI agent, Erica, remains a key ROI generator , linchpin for customer and employee experience , and source of great pride today.

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Stripe announces embedded business banking service Stripe Treasury

TechCrunch

The company is partnering with banks to offer a banking-as-a-service API. In other words, Stripe clients will be able to provide bank accounts to their customers — the service is invite-only for now. Other companies have been working on embedded business banking products, such as Wise.

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Extend raises $40M for its virtual card offering to help banks better compete with fintechs

TechCrunch

We’ve written a lot about fintechs that aim to help other fintechs and traditional banks launch products and services. . The New York-based startup, which provides digital payment infrastructure for financial institutions so they can offer virtual cards to their users, has raised $40 million in a Series B funding round led by March Capital.

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Vivid Money raises $17.6 million for its European challenger bank

TechCrunch

Built on top of Solarisbank for the banking infrastructure, Vivid Money is a challenger bank with a few nifty features. Alternatively, you can order additional physical cards for €20 per card, or get a virtual card for €1. They can also generate a link so the recipient can enter their banking details.

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ADIB-Egypt announces 1 billion EGP digital transformation plan

CIO

This ambitious initiative is poised to position ADIB-Egypt at the forefront of the digital banking revolution, transforming how customers interact with their financial services. The bank has been dedicated to enhancing its digital platforms and improving customer experience.

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Checkout.com launches virtual and physical card issuing

TechCrunch

Checkout.com supports physical cards as well as virtual cards that can be used multiple times or can be set to be disabled after the first payment. When someone pays with a card, the card transaction fees are split between the merchant’s bank, the card scheme (Visa or Mastercard, for example) and the card issuer (Checkout.com in this case).

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Jakarta-based fintech Akulaku raises $200M from Japan’s largest bank

TechCrunch

Jakarta-based fintech Akulaku has raised $200 million from Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan. Earlier this year, Akulaku raised $100 million in funding from Siam Commercial Bank as part of another strategic investment. Founded in 2016, its target is to serve 50 million users by 2025.

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