Banking tech market updates: Microsoft and Mastercard in new strategic partnerships

Monthly updates on the standout tech developments in banking

By Sam Alberti | 23 April 2021

On April 22, US Fintech Ally announced a partnership with Microsoft to advance quantum computing in the financial services industry. The strategic relationship will leverage the latest research on quantum-inspired algorithms to understand how it can be applied in a broader commercial use.

On April 21, London-based financial services company Finadvant debuted its business banking platform for SME international trade. Founded by ex-Bloomberg and Citi veterans, the company will now look to create an alternative banking ecosystem based on the need for cross-border payments.

Belgian digital bank Aion has become a certified member of Mastercard’s Fintech Express programme. Announced on April 20, the partnership will allow fintechs to leverage Aion’s Vodeno Cloud Platform technology: one of the most comprehensive cloud-based banking platforms available.

Several US banks including JPMorgan Chase and Wells Fargo have started deploying camera software that can analyse customer preferences and monitor workers, according to a Reuters report on April 19. It is thought that the widespread development of such AI tools in the banking sector would be a significant step towards them becoming mainstream in corporate America.

On April 14, digital banking solutions provider Lumin Digital and AI virtual assistant provider unveiled a digital banking partnership. The multi-year agreement will allow Lumin to offer Abe’s fully integrated Virtual Financial assistant to its clients.

Finally, on March 29, it emerged that several US federal banking agencies had requested information from the industry regarding their use of AI. The requests seek input on governance, risk management and controls, in addition to ascertaining whether further regulatory clarifications are needed on the use of AI in finance.

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