Payments are the lifeblood of digital commerce for all of us. However, the clearing and settling of funds are based on payment infrastructure from another era in many markets. The time to fully process a payment is often measured in minutes, hours, and days instead of seconds. The disconnect between the instantaneous, always-on digital world […]

SoFi Technologies announced today it is acquiring digital multiproduct core banking platform Technisys, which will operate as a subsidiary of SoFi. Technisys’ shareholders will receive aggregate consideration of approximately 84 million shares of SoFi common stock — approximately $1.1 billion — less than 10% of SoFi’s fully diluted share count as of Sept. 30, 2021, […]

U.S. Bancorp is doubling down on its growing digital-banking operations by partnering with Microsoft Corp. to improve offerings over the internet and on mobile apps. The multiyear partnership is meant to help business customers more easily generate invoices and handle payments, the Minneapolis-based lender said in a statement. Microsoft’s Azure cloud-computing business will become U.S. […]

In this Weekly Wrap episode of “The Buzz” podcast, the Bank Automation News team dives into the latest round of core provider earnings along with a look at a new acquisition for workflow automation vendor Nintex. Temenos and FIS released their Q4 2021 earnings this week, revealing tech revenue growth and new expansion efforts. Temenos […]

Pakistan’s largest lender, Habib Bank Ltd., will adopt a new platform after months of customer complaints about frequent outages. The Karachi-based lender will onboard its more than 25 million clients onto the Temenos core banking platform, HBL said in a statement Friday, citing increased reliability and security as benefits. HBL had announced a new Chief […]

Core banking provider Temenos reported a 32% year-over-year increase in revenues related to their software as a service (SaaS) offering. While earnings per share declined to $1.07, an 11% decrease YoY, key indicators overall were strong for the Swiss software giant. Total revenues climbed 8% YoY to $153 million. The company counted 19 new client […]

Workflow automation vendor Nintex today revealed it will acquire Kryon, a robotic process automation (RPA) and process discovery provider. The Tel Aviv, Israel-based Kryon targets the financial services and banking industry with its robotic process automation solutions, with clients including Microsoft, Allianz, DXC Technology and an unnamed “global bank” that leverages its bot product to […]

In this Weekly Wrap episode of “The Buzz” podcast, the Bank Automation News team discusses the big trend this week in banking technology: the shift to cloud services. The cloud-focused news started Monday, with news that Fiserv will acquire cloud-native digital banking solution Finxact. This is the first true cloud-native core banking solution running on […]

KeyBank will use automations to migrate its platforms and applications to Google Cloud. The multiyear partnership announced last week will give the bank access to Google’s advanced data and artificial intelligence (AI) technologies. Migrations come with challenges, but the $186.3 billion bank already has established a program with several workstreams to manage aspects of the […]

Core provider Fiserv’s market strategy continues to focus on bank partnerships and fintech acquisitions as revenues grow and development picks up speed. Financials were in line with expectations, Fiserv Chief Executive Officer Frank Bisignano said during today’s fourth-quarter earnings call. Adjusted revenue was $4 billion, up 11% year over year. Financial technology revenue clocked in […]

Truist Financial was formed through the 2019 merger of BB&T and SunTrust — the largest bank merger in the past 20 years — and is the first substantial merger with a full digital component. The Charlotte, N.C.-based Truist faced the added challenge of merging just before the pandemic started, Ken Meyer, Truist’s chief information officer […]

Modern, cloud-based digital technology is a must-have for financial institutions seeking to enhance the customer experience, improve operational effectiveness, streamline internal communications and allow access to data across the enterprise. For years, the only option was to develop these technologies in-house. While this “build” approach offers some benefits, such as greater control over implementation and […]