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Traditional FIs Drive Modernization Through FinTech Pairings

PYMNTS

In this week's roundup of bank-FinTech collaboration and open banking initiatives, Citi embraces the unlocking of account data to third-party FinTechs, while WEX weighs in on opportunity for banks to take advantage of partnerships. Plus, one FinTech offers a new spin on the open banking model to drive financial inclusion.

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Looking at New Tech? Don’t Forget the Cost Analysis, Ally CIO Says

Bank Innovation

Banks have been fairly active in tapping into new technologies recently, either through partnerships or with internal innovation groups. But with the rapid acceleration of the fintech space, how should banks decide if a new space or tech is worth pursuing? An old-school cost analysis will do, according to Michael Read More.

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PwC Shutters DeNovo, Its ‘Fintech Insights’ Platform

Bank Innovation

The global professional services company PwC announced via email it will shutter its DeNovo platform, which delivered insights and analysis on fintech startups, at the end of June. The email reads, in part: At the end of June we will retire DeNovo in its current form.

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JP Morgan: Treasury Innovations Accelerate Digital Transformation

PYMNTS

Corporates must look at the entire set of processes that govern operations, whether with their own clients or suppliers and with banking partners in the middle, he said. This has historically been on the dashboard of the treasurers, but there’s been a lot of effort to just get data as opposed to having time for analysis,” he said.

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Why The Bank-FinTech Relationship Is More Complicated Than Conflicted

PYMNTS

The ongoing struggle, supposedly existential in nature, that pits upstart, relatively young FinTech firms against arrogantly complacent banks for supremacy in this new and growing world of digital payments and commerce. Instead, as PYMNTS has regularly reported, the situation is much less black-and-white than the article suggests.

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Top Banks Keep Ahead Of FinTechs’ Competitive Threat

PYMNTS

The delicate balance between bank-FinTech competition and collaboration continues to teeter in the U.S. In a market without Open Banking regulations, FinTechs continue to enter in to the market, collaborating with bank partners to offer their own financial services — which often compete directly with other financial institutions.

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Visa Expands Fast Track Program To Give FinTechs A Post-COVID Digital-First Edge

PYMNTS

Collaboration and not competition, Visa’s Senior Vice President, Global Head of FinTech Terry Angelos told Karen Webster in a discussion on the recent advancements and updates to Visa’s Fast Track program , is quite evident — particularly when one observes that a number of Visa’s partners are many that, on paper, might appear to be competitors.

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