Bank of America is boasting a record 227 US patents granted in the first half of the year, with AI and machine learning the area seeing the most action.

Members of Parliament have hit back at the Financial Conduct Authority (FCA) for its seeming failure to adequately address an earlier report that branded the watchdog as ‘incompetent at best, dishonest at worst’, amid calls far-reaching reforms.

A new digital ID service now lets Australians use their bank to verify their identity to third parties.

India’s YES Bank has laid claim to the launch of the country’s largest developer platform, housing an array of 50 APIs for use by third parties.

Klarna is the latest financial services provider to enter the mobile market, working with Telecom-as-a-Service platform Gigs to launch a phone plan in a host of major markets, beginning with the US.

Visa has shut down its US open banking unit amid regulatory uncertainty and bank plans to charge for customer data access, according to Bloomberg.

Cross-border stablecoin payments platform Cedar Money has raised $9.9 million in a seed funding round led by QED Investors.

BNP Paribas Personal Finance is to run its third successive UK Fintech incubator programme, seeking out startups with Gen AI applications applicable to the financial services sector.

Sony Bank is planning to issue a dollar-pegged stablecoin that can be used to pay for Sony content such as games and movies.

FTX has been ordered by the Commodity Futures Trading Commission (CFTC) to pay $12.7 billion to FTX customers and victims of its fraud, the largest recovery in CFTC history.

While day one discussions centred around how open banking needs to reach a point where it is just accepted as a conventional way that consumers, corporates and banks can manage their accounts and make payments, panel sessions on the second day of EBAday 2020 focused on how the cloud and Payments as a Service (PaaS) can also act as an enabler for open banking, potentially cutting out rails that are currently acting as intermediaries.

A combination of geopolitical uncertainty, high inflation and low interest rates has seen investment in the UK’s fintech industry slump to its lowest level since 2020.

BCP Technologies has launched the first British pound-backed stablecoin from an FCA-registered crypto issuer.

Cloud-based core banking vendor nCino has filed with the US Securities and Exchange Commission for an initial public offering.