While AI seems to be everywhere these days, one place it is getting real traction is in the compliance space. There is a lot of manual, repetitive work in the compliance teams at large banks and fintechs. Hummingbird is looking to ease that burden with the launch of a new AI-based compliance tool.

Many people have called Capital One the original fintech.  Founded in 1994 by Richard Fairbanks and Nigel Morris (of QED) Capital One broke new ground as a monoline credit card bank that married technology and data science before that was a thing in banking.

We haven't talked about crypto for a while in this newsletter. Coinbase reported earnings yesterday so this provides a perfect opportunity to reflect on the state of crypto.

European core banking provider Temenos is the latest victim of a Hindenburg Short Report. The detailed report cites interviews with 25 former employees that allegedly uncovered manipulated earnings and accounting regularities.

Global fintech behemoth FIS has signed a new partnership with Banked to expand pay-by-bank options for consumers and small businesses. Banked has created an alternative payment rail based on account-to-account (A2A) connectivity and powers real-time payments through this technology.

Forbes is out with its ninth annual Fintech 50 this morning, a subjective list of the hottest startups in fintech. The list is created by Forbes editors, is only open to private companies and it involves analyzing data as well as interviews with company CEOs and industry insiders.

Today, Visa announced a new suite of payments capabilities called Visa Commercial Pay. This is a suite of B2B payments tools targeted at corporations.

Overdraft revenue is on the decline, but recent filings show that JPMorgan Chase and Wells Fargo remain by far the largest generators of the controversial fees.