Citi is expanding its use of Google Cloud to access the cloud provider’s generative AI capabilities. 

Rohit Bhat, general manager and managing director at Google Cloud’s financial services, told Bank Automation News at Money20/20 this week that the $1.6 trillion bank will also look to Google Cloud for:

• Modernization of its tech stack; 

• Data analytics services; and 

• Computers to run gen AI solutions. 

“There is a concerted effort to use things like document processing technologies … and make sense out of unstructured data for their clients and employees,” Bhat said. 

Nvidia taps AWS for fraud solution 

Chip giant Nvidia has selected Amazon Web Services for its latest fraud-detection tool. 

The Nvidia AI workflow solution, announced at Money20/20, will be embedded in FI operations to detect subtle anomalies and patterns in order to flag fraudulent transactions, Malcom DeMayo, global vice president of financial services at Nvidia, told Bank Automation News. 

“People are creatures of habit,” DeMayo said. “You go to the same place to get your coffee, you go to the same place to get your snacks, and if you start deviating from that, it would be a concern.” 

The AI-powered fraud solution will look at hundreds of metrics — ranging from consumer habits, transaction size and location — to flag transactions in real time, he said. The solution can reduce false positive investigations and fraud detection costs substantially, he added. 

American Express has been using an Nvidia-powered AI fraud-fighting solution for over a year and has seen an 6% drop in false positives, DeMayo said.  

Marqeta teams with Klarna, Affirm for BNPL offering 

Card-issuer Marqeta is teaming up with buy now, pay later providers Affirm and Klarna to launch Marqeta Flex, Marqueta’s latest buy now, pay later option. 

Customers are often “forced to use the BNPL provider that the merchant has selected,” Todd Pollak, chief revenue officer at Marqeta, told BAN. Flex is designed to give the user choice on how a consumer’s purchase will be underwritten.

Marqeta expects consumer satisfaction and sales conversion to increase by giving consumers a choice of the BNPL vendor they would like to pick, Pollak said. The Flex is very scalable with the wide adoption of BNPL payments services, he added. 

Fintech Branch is embedding the solution to help gig workers use BNPL services for purchases, Pollak said. 

FV Bank selects Visa for expense management cards 

FV Bank has selected card network giant Visa to issue expense management debit cards to its retail and corporate clients, FV Bank announced at Money20/20. 

The San Juan, Puerto Rico-based digital bank will allow customers to use fiat and digital currencies in their accounts through the offering, according to a bank release. 

Customers can make payments online and in-store and withdraw funds from ATMs globally, the release stated, adding that customers can also make digital currency deposits to their accounts in cryptocurrencies like USDC, Ethereum and Bitcoin, the release stated. 

“These cards provide seamless access to FV Bank and offer global payment convenience and enhanced financial flexibility,” Luis Guerra, country manager for Puerto Rico and the U.S. Virgin Islands at Visa, said in the release. 

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

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