The news: BMO and Bill (formerly Bill.com) introduced BMO Bill Connect, an accounts payable (AP) and accounts receivable (AR) offering for small and medium-sized businesses (SMBs), per a press release.
Here's how it works: BMO Bill Connect lets SMBs automate bill pay, digitize invoices, and monitor cash flow through one dashboard, and it offers two pricing tiers depending on businesses' monthly transaction volume.
The news: US banks have "some work to do" before they can embrace AI-powered tools like ChatGPT, according to Bank of America CEO Brian Moynihan.
The news: Brazil's central bank launched a CBDC pilot focused on wholesale transactions with a full rollout expected by the end of 2024, per Reuters. Brazil hopes the digital real will help make financial services more accessible.
The news: Goldman Sachs is considering selling or restructuring part of its consumer business as it recovers from the expensive, loss-generating digital bank venture Marcus, per Business Insider.
The news: Cross-border payments fintech Wise rolled out two offerings in the US and unveiled new branding, per a press release.
The key stat: Roughly 80% of non-Black credit unions in the US offer an informational website and online banking services. That number falls to just about half among Black credit unions, according to an Urban Institute study.
Why the gap? The study offered two hypotheses about why there's such a large tech gap.
The news: LendingTree introduced the Win Card in partnership with card fintech Upgrade, per a press release. The co-brand card is available to select LendingTree customers during a beta launch; a waitlist is open for others who are interested.
Card highlights: The no-annual-fee Visa card is marketed toward LendingTree customers and emphasizes responsible spending.
The news: Wells Fargo will add a financial planning platform for wealth clients to its mobile app, per American Banker.
The data: Block's gross payment volume (GPV) reached $53.16 billion in Q4, per its shareholder letter. The 15% year-over-year (YoY) increase is down from 45% the same period a year ago. Q4 gross profits grew 40% YoY, slowing from 47% the prior year.
The news: UK banks faced unique challenges during Q4 2022 that their US counterparts didn't.
Here's a look at the results—and what set the UK apart from other regions.
Profits were mostly up:
