Banking tech update: Oracle, American Express and more

bobsguide’s monthly update on the standout tech developments in banking

by | May 26, 2021

New York-based challenger bank NorthOne, on May 25, entered into a partnership with Bancorp Bank and Galileo Technologies to bring new and improved processing services to customers. The collaboration comes with several tools for small businesses, including mobile, online banking and a number of invoicing features.

On May 24, London-based banking tech startup Zeta secured Series C funding from SoftBank Vision Fund 2, valuing it at $1.45bn. The Omni Stack software solution firm said it is working with over 10 banks and 25 fintechs across eight countries, including Sodexo, who also participated as a minority investor.

On May 19, open banking provider Yolt Technology Services launched its new Cashflow Analyser tool. The firm said it will give credit underwriters deeper insights into the cashflow of credit applicants and customers to streamline and simplify affordability assessment processes.

Swedish-based open banking platform Tink has acquired German competitor FinTechSystems. The deal was announced on May 18, with the acquisition forming part of its plans to expand throughout Europe.

On May 13, US Bancorp, the fifth largest bank in the United States, joined forces with data aggregator Plaid in an API-based open finance partnership. The collaboration will allow millions of US Bancorp customers to connect to fintech apps and services.

On May 11, Tink also announced that it had entered into a partnership with American Express. In January, the Swedish open-banking startup partnered with BNP Paribas to launch a new multi-banking tool.

Finally, on May 5, the Mashreq Bank announced that it will be implementing Oracle’s financial services software to modernise its transaction banking capabilities. The partnership will provide solutions for digital banking, payments, trade finance, liquidity management and virtual accounts.

If you’re in banking tech and have a recent update the market should know about, email [email protected]

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