December 2024
Bank Automation News
The definitive source for insights and news surrounding automation in financial services
Bank Automation News invites you to check out these top stories from the past month:
Bank of America on Dec. 10 revealed that its CashPro App will surpass $1 trillion in payment approvals by yearend — up 25% from 2023.?
December is likely to see the highest volume of payment approvals due to holiday shopping and travel, according to a release from the $2.5 trillion bank.?
CashPro App launched in 2018 but began seeing widespread use in 2022, according to metrics shared with Bank Automation News. The app, which is compatible with the Apple watch, enables users to securely access account data and make payments on the go.?
Royal Bank of Canada, TD Bank, National Bank Canada?and?Scotiabank?spent close to CA$1.8 billion ($1.3 billion) integrating the tech stacks of their recent acquisitions with their existing tech stack in 2024, according to the banks’ earnings reports.?
Merging tech stacks is capital intensive and complex, and is often compared to “high-risk brain surgery,”?James?White, general manager of banking industry at software company?Total Expert, told?BAN.?
“For medium-sized banks, costs can exceed $50 million, while larger banks may face expenses ranging from $300 million to $400 million,” White said.?
Ten years in the making, the Consumer Financial Protection Bureau’s recently finalized open banking rule is making waves.?
The rule, Section 1033, was finalized Oct. 22 and states that consumers can transfer their financial data to another financial institution (FI) provider at no cost, using the framework for secure payments and comparing financial services at different organizations.
The rule will foster innovation, competition and protect consumer rights, CFPB Director Rohit Chopra told BAN.?
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The Clearing House?raised the transaction limit on its Real Time Payments network to $10 million, opening the door for new uses of the rail for commercial transactions.??
The Clearing House (TCH) expects to see growth in volume and use cases,?Jim Colassano, senior vice president of product development at TCH, told?BAN. Spurring some of that growth will be the momentum of hitting?$500 billion in payments at the end of November.?
The new $10 million transaction limit promotes new use cases, according to a release from TCH on Dec. 4. The new limit is effective Feb. 9.?
Ali Mattera, chief digital officer at ConnectOne Bank, is driving bankwide digital innovation.?
“By aligning our technology strategies with the bank’s overarching goals, I address the challenges of legacy infrastructure while shaping the path to implement cutting-edge solutions,” Mattera told BAN.
In an interview with BAN, Mattera discussed which technologies the $9.6 billion Englewood Cliffs, N.J.-based bank is implementing, priorities for 2025 and how she determines where to add efficiencies at the bank.
BAN?is pleased to announce that?Sumeet?Grover, chief digital officer at?Alliant Credit Union, will be featured in a fireside chat at Bank Automation Summit 2025 on Tuesday, March 4, at 9:45 a.m. CT.?
The summit takes place March 3-4 at the Hilton Nashville Downtown in Nashville, Tenn., and brings together industry experts to discuss how financial institutions are benefiting from investments made in AI technology, teams and resources.?
View the full event agenda?here.??