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Noteworthy tech news in the banking industry for March includes updates to President Donald Trump’s proposed cryptocurrency reserve, a widespread data breach at Western Alliance Bank, insight into why banks aren’t happy with their core providers and more.
Neobank Chime debuts $500 instant loans for direct depositors
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Neobank Chime will now offer what it calls “Instant Loans” — three-month installment loans of up to $500 at a fixed interest rate and without a credit check for members.
The fintech, which champions early paycheck access, will use its proprietary method to discern eligibility, relying on several factors aside from credit history to decide whether or not to lend. According to Chime, on-time loan repayments will help customers build a credit history.
Only Chime members who directly deposit their paychecks into their
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Evolve Bank says documents reveal Synapse inconsistencies
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It’s been close to a year since Synapse, a Silicon Valley startup that maintained transaction ledgers for fintechs and their bank partners, went bankrupt and it was discovered that customers’ money totaling tens of millions of dollars
Synapse and its partner banks — Evolve Bank, Lineage Bank, AMG and American Bank — have been blaming each other ever since. Synapse clients such as Yotta, Juno and Yield Street are frustrated at how long this process has dragged on.
“It feels like depositors are caught in a he said-she said game between federally regulated banks who are fighting with each other,” Yotta CEO Adam Moelis told American Banker. “If that’s the case, where are the regulators? Why has this been going on for 10 months?”
Peter Thiel-backed Palantir plots AI tech for banks
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Military data contractor Palantir has paired up with TWG Group to create a joint venture that seeks to increase adoption of artificial intelligence in the financial space.
The joint venture combines Palantir’s artificial intelligence and cybersecurity infrastructure with TWG’s business technology experience to offer financial service organizations like banks, investment managers and insurance companies a product to expedite artificial intelligence adoption and integrate it at scale.
Palantir was founded by Peter Thiel, Alex Karp, Stephen Cohen and Joe Lonsdale. It began as a defense contractor before expanding into the private sector. Because of that, the company has long prioritized security. Thiel was one of the
Read More: Tech news for April: Evolve Bank woes, crypto reserve moves
