On Monday, BMO, with Mastercard and digital card fintech Extend, rolled out a mobile wallet for virtual cards for its commercial banking clients in the U.S. and Canada to leverage, according to a BMO release. 

“By offering mobile wallet functionality for physical cards and now virtual cards and contactless payments, BMO is equipping our Corporate Card clients with convenient tools to manage their businesses and make financial progress,” said Derek Vernon, head of treasury and payment solutions (TPS) product management and payments modernization at BMO Commercial Bank, said in the release. 

Through Extend, BMO commercial clients can create, send and manage virtual cards through the existing BMO Corporate Card program, according to the release.  

For example, if you have a BMO card, you can go to paywithextend.com, register with Extend and “within minutes you will be able to send any number of virtual cards out of your existing BMO account,” Guillaume Bouvard, co-founder at Extend, told Bank Automation News. 

Farmers Insurance FCU selects Constellation for digital banking 

Farmers Insurance Federal Credit Union (FIGFCU) tapped Constellation Digital Partners, a digital banking platform, to launch its new digital banking experience Trulee, according to Constellation’s Aug 22 release. 

Trulee will provide digital banking services to nearly 60,000 members of the $1.5 billion credit union, according to the release. 

The platform will give FIGFCU’s members the capability to choose services they find most useful, including remote deposit, check orders, money transfer and bill payment, according to the release. 

“Constellation’s Digital Banking has allowed us to provide our members with a truly customizable, holistic digital banking experience – one we couldn’t get with other solutions – and leverage the same powerful, adaptable technology used by much larger institutions,” Beth Rodgers, chief marketing officer at FIGFCU, said in the release. 

Constellation has been working with FIGFCU since 2021 and has provided digital member enrollment and authentication for FIGFCU customers, according to a company release. 

The Los Angeles, Calif.-based credit union was an initial investor in Constellation, the release stated. Constellation, based in Raleigh, N.C., has raised $52.5 million since its inception in 2017, according to Crunchbase. 

Giftbit selects Marqeta for embedded finance 

Rewards platform Giftbit has selected card issuing and payments platform Marqeta to provide embedded financial services on its platform. 

“We believe rewards and incentives are an incredible tool for businesses to increase engagement with their audiences,” Nat Salvione, chief commercial officer at Giftbit, told BAN. 

Giftbit provides embedded payouts with an easy-to-integrate API and automated actions using Zapier, an automated workflow service provider, Salvione said.  

“We are looking to expand our financial services by increasing our catalog of payout options as well as offer more integration options,” Salvione said. “We feel revenue growing from embedded finance should be shared and the expense for our customers should be minimal so the program can run indefinitely.” 

Marqeta has been seeing an increased demand for embedded finance solutions from its customers, Todd Pollak, chief revenue officer at Marqeta, told BAN. Marqeta provides its card issuing services to Square Inc. and has the $1.3 billion Evolve Bank as its banking partner. 

“Companies feel the current payment ecosystem does not meet their own internal standards for customer experience,” Pollak said. “With embedded finance capabilities that Marqeta offers, companies now have the opportunity to own, personalize and dynamically reward users based on their existing relationships, rather than offer a one-size-fits-all approach targeted at the average customer. 

Dock taps Tenpo to expand operations in Chile 

B2B payments company Dock is working with Tenpo, a Chilean digital bank with over 2.2 million customers, to expand its operations into Chile, according to Dock’s Aug. 15 release. 

Chile is part of Dock’s international expansion strategy, which now includes nine countries: Brazil, Chile, Mexico, Peru, Colombia, Ecuador, Argentina, Panama and the Cayman Islands, Anderson Olivares, general manager at Dock, told BAN. 

“Chile is part of our expansion plans due to the evolution of its regulation and the opening of the market to fintechs,” Olivares said. “We have expansion plans on the horizon for other LatAm countries, including Central America, with open negotiations in other markets.” 

Dock aims to provide its services to the underbanked population delivering technology and solutions for its customers, allowing them to serve consumers outside of the traditional banking system, Olivares said. 

Standard AI integrates with Google Cloud 

U.S.-based e-commerce checkout solutions provider Standard AI has integrated its core checkout offerings to Google Cloud, according to Standard AI’s Aug. 23 release. 

Standard AI will use Google’s Vertex AI suite for speed and flexibility, adding to its existing solutions and reducing its time to market for new services, the release stated. 

“By leveraging Google Cloud’s Vertex AI platform, Standard AI will bring even more powerful AI-powered features and experiences to our users, delivering retail solutions that will continue to define and redefine the customer checkout experience for years to come,” Jordan Fisher, chief executive at Standard AI, said in the release.  

Working with Google will allow Standard AI to leverage Google Cloud’s generative AI, point-of-sale capable (POS) assisted, and large language model (LLM) capabilities to make its autonomous checkout solution more efficient and build its new AI-powered Skip branded self-checkout solutions, according to the release. 

Visit Bank Automation News’ Transactions Database which lists the technology selected or acquired by companies in the financial services industry, with a specific focus on technology that enhances automation.

Join Bank Automation News for the upcoming webinar, Global Ideas for Better Banking AI, on Thursday, Sept. 14, at 11 a.m. ET.  For more information on this free webinar and to register, click here.