{"id":12756,"date":"2025-04-01T05:26:16","date_gmt":"2025-04-01T05:26:16","guid":{"rendered":"https:\/\/finderica.com\/?p=12756"},"modified":"2025-04-01T05:26:16","modified_gmt":"2025-04-01T05:26:16","slug":"tech-news-for-april-evolve-bank-woes-crypto-reserve-moves","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=12756","title":{"rendered":"Tech news for April: Evolve Bank woes, crypto reserve moves"},"content":{"rendered":"
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Enjoy complimentary access to top ideas and insights \u2014 selected by our editors.<\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n

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.<\/p>\n

Click here<\/ps-link> to read more of the top headlines in February.<\/p>\n

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Neobank Chime debuts $500 instant loans for direct depositors<\/h2>\n

Article by <\/b>Emma Kinery<\/u><\/b><\/ps-link><\/p>\n

Neobank Chime will now offer what it calls “Instant Loans” \u2014 three-month installment loans of up to $500 at a fixed interest rate and without a credit check for members.\u00a0<\/p>\n

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.\u00a0<\/p>\n

Only Chime members who directly deposit their paychecks into their Chime accounts<\/u><\/ps-link> will be eligible for the new product. Chime members are notified via the Chime app if they qualify. If accepted, customers are given instant access to the funds.<\/p>\n

Click here<\/u><\/ps-link> to read the full article.<\/p>\n

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SOPA Images\/Photographer: SOPA Images\/LightR<\/p>\n<\/p><\/div>\n<\/figure>\n<\/div><\/div>\n

Evolve Bank says documents reveal Synapse inconsistencies<\/h2>\n

Article by <\/b>Penny Crosman<\/u><\/b><\/ps-link><\/p>\n

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 was missing<\/u><\/ps-link>.\u00a0<\/p>\n

Synapse and its partner banks \u2014 Evolve Bank, Lineage Bank, AMG and American Bank \u2014 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.<\/p>\n

“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?”<\/p>\n

Click here<\/u><\/ps-link> to read the full article.<\/p>\n

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Peter Thiel-backed Palantir plots AI tech for banks<\/h2>\n

Article by <\/b>Emma Kinery<\/u><\/b><\/ps-link><\/p>\n

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.<\/p>\n

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.\u00a0<\/p>\n

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 founders of PayPal<\/u><\/ps-link>, and has invested in several of Elon Musk’s companies<\/u><\/a><\/ps-link>.\u00a0\u00a0<\/p>\n

Click here<\/u><\/ps-link> to read the full article.<\/p>\n

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rafapress\/Rafael Henrique – stock.adobe.com<\/p>\n<\/p><\/div>\n<\/figure>\n<\/div><\/div>\n

FinCEN tightens rules for transactions near the southern border<\/h2>\n

Article by <\/b>Carter Pape<\/u><\/b><\/ps-link><\/p>\n

The Financial Crimes Enforcement Network (FinCEN) will require money services businesses (MSBs) near the U.S.-Mexico border to report smaller cash transactions to the government, lowering the threshold from $10,000 to $200.\u00a0<\/p>\n

FinCEN, which is an agency of the Department of the Treasury, issued the order Tuesday as part of an effort to combat drug trafficking on the southwest border, according to<\/u><\/a><\/ps-link> Secretary of the Treasury Scott Bessent. The order comes a month after the Treasury designated six Mexico-based drug cartels as terrorist organizations.<\/p>\n

The order requires MSBs in 30 ZIP codes in California and Texas to file a currency transaction report (CTR) with the Treasury for any transaction of $200 or more. The current threshold for filing a CTR is $10,000.<\/p>\n

Click here<\/u><\/ps-link> to read the full article.<\/p>\n

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Why banks aren’t happy with their core tech providers<\/h2>\n

Article by <\/b>Melinda Huspen<\/u><\/b><\/ps-link> and <\/b>Frank Gargano<\/u><\/b><\/ps-link><\/p>\n

Bank satisfaction with their core technology providers is on the rise, but only slowly, suggesting institutions are having trouble finding the right fit, according to the American Bankers Association.\u00a0<\/p>\n

Banks have indicated that their primary nonpolicy concern is their relationship with their core providers, according to new ABA research.\u00a0<\/p>\n

Core providers are critical to a bank’s ability to deploy modern, innovative tools.<\/p>\n

“Bankers report a wide dispersion of satisfaction with, and effectiveness of, core providers and individual core solutions,” the ABA report said.<\/p>\n

Click here<\/u><\/ps-link> to read the full article.<\/p>\n

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Trump’s crypto reserve coin picks puzzle industry leaders<\/h2>\n

Article by <\/b>Emma Kinery<\/u><\/b><\/ps-link><\/p>\n

Crypto enthusiasts have been delighted by President Donald Trump’s embrace of the industry, but his March 2 announcement that his proposed cryptocurrency reserve would include five different cryptocurrencies drew skepticism from notable voices.\u00a0<\/p>\n

Brian Armstrong, CEO of Coinbase and one of the richest men in crypto, said sticking with the “digital gold” of bitcoin would be the best route.<\/p>\n

“Just bitcoin would probably be the best option \u2013 simplest, and clear story as successor to gold,” Armstrong said in a post on the social platform X<\/u><\/a><\/ps-link>.<\/p>\n

Click here<\/u><\/ps-link> to read the full article.<\/p>\n

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Data breach at Western Alliance Bank affects 22,000 people<\/h2>\n

Article by <\/b>Carter Pape<\/u><\/b><\/ps-link><\/p>\n

Western Alliance Bank recently disclosed it suffered a data breach that went unnoticed for three months and affected nearly 22,000 people.<\/p>\n

The breach occurred from Oct. 12 to Oct. 24 last year, and the bank discovered it on Jan. 27, according to a letter the bank sent to victims. The Maine attorney general relayed the disclosure<\/u><\/a><\/ps-link> it received from Western Alliance, including the letter and number of victims.<\/p>\n

Phoenix-based Western Alliance told victims that the information involved in the data breach included their name and Social Security number. Stolen files also included dates of birth, financial account numbers, driver’s licenses, tax identification numbers and passports.<\/p>\n

Click here<\/u><\/ps-link> to read the full article.<\/p>\n

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Ending cyber offensive against Russia could reduce threat intel<\/h2>\n

Article by <\/b>Carter Pape<\/u><\/b><\/ps-link><\/p>\n

As the U.S. reportedly ends its cyber offensive operations against Russia, intelligence collected through cyber espionage operations against the country also stands to decline, potentially compromising a source of threat information on which U.S. banks and other providers of the nation’s critical infrastructure rely.<\/p>\n

The Record, a publication of cybersecurity company Recorded Future<\/u><\/a><\/ps-link>, first reported that Defense Secretary Pete Hegseth had ordered U.S. Cyber Command to cease all offensive actions against Russia, citing three people familiar with the matter. Outlets including the New York Times<\/u><\/a><\/ps-link> and NBC News<\/u><\/a><\/ps-link> have since confirmed the report.<\/p>\n

Bloomberg reported<\/u><\/a><\/ps-link> that the Pentagon denied the reports, citing a senior defense official.<\/p>\n

Click here<\/u><\/ps-link> to read the full article.<\/p>\n

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Evgeny Ivanov\/Adobe Stock<\/p>\n<\/p><\/div>\n<\/figure>\n<\/div><\/div>\n

Commercial cards are getting hot. How banks can respond<\/h2>\n

Article by <\/b>Cheryl Winokur Munk<\/u><\/b><\/ps-link><\/p>\n

With commercial card spending predicted to rise precipitously over the next several years, banks have a chance to pounce.<\/p>\n

Commercial credit cards could be a viable option for many businesses that still use ACH, particularly for larger payments, said Daniel Dawson, senior manager and cards and payments lead at Datos Insights, which predicts<\/u><\/a><\/ps-link> spending on commercial cards will climb to more than $6 trillion by 2029, up from more than $4 trillion in 2023.\u00a0<\/p>\n

“It’s definitely an unexploited market. Commercial cards account for less than 10% of total card volume worldwide,” he said.<\/p>\n

Click here<\/u><\/ps-link> to read the full article.<\/p>\n

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mojo_cp – stock.adobe.com<\/p>\n<\/p><\/div>\n<\/figure>\n<\/div><\/div>\n

Business banking fintech Mercury, bank partner Evolve split<\/h2>\n

Article by <\/b>Penny Crosman<\/u><\/b><\/ps-link><\/p>\n

Mercury, a fintech that offers banking to businesses, has ended its relationship with its long-time partner Evolve Bank & Trust. Mercury will migrate its customers over to its other sponsor banks, Choice and Column.\u00a0<\/p>\n

The move comes a few weeks after another Evolve partner, Dave, shifted its partnership with Evolve to Coastal Community Bank, and almost a year after Synapse, a middleware provider to Evolve and many fintechs, filed for bankruptcy.<\/p>\n

Mercury offers bank accounts and payment services to businesses. The company has scaled up quickly and has outgrown the bank partner and middleware it started with, Evolve and Synapse, Mercury representatives said. They also said that once the bank switch is complete, customers will see faster ACH and wire transfers as well as the ability to accept wires in foreign currencies.<\/p>\n

Click here<\/u><\/ps-link> to read the full article.<\/p>\n<\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Enjoy complimentary access to top ideas and insights \u2014 selected by our editors. 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. Click here to read<\/p>\n","protected":false},"author":1,"featured_media":12757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[218],"tags":[1869,136,58,1156,72,61,1546,243,3109],"class_list":{"0":"post-12756","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-april","9":"tag-bank","10":"tag-crypto","11":"tag-evolve","12":"tag-moves","13":"tag-news","14":"tag-reserve","15":"tag-tech","16":"tag-woes"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/12756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12756"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/12756\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/12757"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}