For banks, credit unions, and fintechs, launching a new lending product has traditionally required significant investments in technology, engineering resources, and time. Connecting credit bureaus, fraud detection tools, decisioning engines, and customer-facing applications often involves complex integrations that can take months or even years to complete. As competition intensifies and customer expectations evolve, these lengthy development cycles can put financial institutions at a...
After SoFi's launch of its tokenized deposit last week, traditional banks may be wondering if they, too, should be pursuing tokenized deposits. If so, what do they need to think through before moving forward?
SoFi describes SoFi Earn (SOFIE) as the first consumer tokenized deposit issued by a nationally chartered US bank. The new account features a variable annual percentage yield (APY) of 4.40%, offers FDIC insurance on the deposits, and converts deposits one-for-one into SoFi's...
- Autonomous finance platform Hyphenate raised $45 million in Series A funding, bringing its total funding to $54 million.
- Hyphenate uses AI agents to automate financial operations, including cash reconciliation, invoicing, and subledger management, helping businesses reduce repetitive work and audit exceptions.
- The funding reflects growing investor interest in agentic AI that executes financial workflows, potentially shifting finance teams toward strategic oversight and creating new...
- NexBank has partnered with intelligent cash management service MaxMyInterest (“Max”).
- Via the partnership, NexBank customers can open NexBank MaxMyInterest Money Market Accounts and use Max to allocate cash across multiple accounts to maximize returns and secure broader aggregate FDIC insurance coverage.
- Headquartered in New York and founded in 2013, Max made its Finovate debut at FinovateFall 2014.
NexBank, the banking subsidiary of NexBank Capital and the largest...
What does it mean to be a leader in banking and financial services today? At a time of major technological change, increased regulatory scrutiny, and a customer base with ever-evolving needs, concerns, and expectations from financial institutions, what can leaders of banks, credit unions, fintechs, and other financial companies do to inspire and guide their teams to build, deploy, and support the kind of products and services that will delight customers and help grow businesses?
We...
