Transactions: BNY taps OpenAI to enhance in-house platform

BNY and OpenAI have entered a multiyear agreement in which the $30 billion BNY will use OpenAI’s artificial intelligence tools to enhance the bank’s in-house gen AI platform. [caption id="attachment_57374869" align="alignright" width="300"] (Courtesy/BNY)[/caption] BNY launched its AI platform, Eliza, in August 2024 to streamline employee workflows and plans to integrate OpenAI’s advanced reasoning models, including its ChatGPT Enterprise platform, to fine-tune Eliza’s capabilities, a BNY spokesperson told Bank Automation News . More than 50% of the bank’s employees use Eliza regularly and 15% of them are proficient enough to build their own AI-driven agents, according to the spokesperson. BNY has been revving up its AI deployment in the past year. The bank in October 2024 stated that 25% of its workforce has AI tools and that it’s using Nvidia ’s AI factory to run gen AI models for operational efficiency as well as client-facing use cases, the spokesperson said. The bank in 2024 also implemented GitHub Copilot and 80% of its developers now use it daily, the spokesperson said. [caption id="attachment_57377778" align="alignright" width="264"] (AI-generated)[/caption] BNY has 40 AI-driven tools in production, according to the spokesperson. OpenAI in 2022 teamed up with the $1.3 trillion wealth management firm Morgan Stanley to develop AI @ Morgan Stanley Assistant, the firm’s gen-AI powered virtual assistant . The assistant automates document processing, enabling Morgan Stanley advisers to provide assessments to clients in 1 second, Koren Picariello , managing director and head of generative AI strategy and execution, said during this week’s Bank Automation Summit 2025. Other FIs, including the $217.5 billion Citizens Bank and the $7.8 Michigan State University Federal Credit Union , have improved the client experience with AI-driven digital assistants , both FIs shared at the summit. First Community CU selects Fiserv Chesterfield, Mo.-based First Community Credit Union selected fintech Fiserv ’s DNA core processing platform , according to Fiserv’s Feb. 27 release. The $4.5 billion First Community CU aims to blend in-person service with digital banking, President and Chief Executive Glenn Barks said in a statement. [caption id="attachment_57378717" align="alignright" width="300"] (Courtesy/Canva)[/caption] Fiserv’s scalable platform enables: Real-time transaction processing; Account and balance updates; Cash management; Business banking; and Commercial lending. “With DNA, FIs have the ability to foster customer and member relationships using a flexible, data-driven model, and can achieve excellent real-time performance with an advanced relational database built for rapid transactional throughput and data analysis,” Chris Van Der Stad , head of DNA at Fiserv, told BAN . Banks and credit unions on the platform also have access to a self-service developer toolkit, DNAcreator, and developers on the DNAappstore, Van Der Stad said. The platform uses one user interface for all features, reducing training, setup and testing time, he said. DNA also provides enhanced security through eSignature, photo ID and biometric capabilities, he said. While the DNA integration is new, First Community has been a Fiserv customer for 30 years, Van Der Stad said. The $17 billion lender Third Federal is also integrating the DNA platform, he said. Other FIs using Fiserv’s digital banking technology include: $154 billion Regions Bank ; $5.5 billion Broadway Bank ; and $213 million Staley Credit Union . Valley Bank taps Finley for loan origination Morristown, N.J.-based Valley Bank integrated debt capital software provider Finley Technologies ’ post-origination loan platform, according to a recent Finley release. [caption id="attachment_57372041" align="alignright" width="300"] (Photo/Vaidik Trivedi/Bank Automation News)[/caption] The $62 billion bank will use Finley’s Credit Management System to automate its portfolio operations, according to the release. Finley’s system can be integrated with banks’ core platforms, the release stated. "This new platform allows us to digitize complex collateral and servicing processes with a differentiated speed and quality that aligns with our digital ambitions," Valley Bank Chief Operations Officer Russell Barrett said in a statement. Finley’s other FI clients include: $1.7 trillion Citi ; $8.8 billion Cross River Bank ; and $1.8 billion Trinity Capital . Financial Center First CU integrates Alkami platform Indianapolis-based Financial Center First Credit Union is integrating core provider Alkami’ s digital banking platform, Alkami announced Feb. 25. The $884 million Financial Center First CU will use Alkami’s platform to personalize the banking experience for Ball State Financial , which serves Ball State University in Muncie, Ind., according to the release. The platform will enable: AHC payment processing; Digital account management; and Branding and marketing insights. Financial Center isn’t on The Clearing House ’s Real-Time Payments network or the Federal Reserve ’s FedNow network . “The money movement capabilities we implemented with Alkami’s Digital Banking have filled the needs of most of our members,” Chris Sibila , senior vice president and chief information officer, told BAN , adding that Financial Center will soon evaluate real-time payments. [caption id="attachment_57375643" align="alignright" width="300"] (Courtesy/Canva)[/caption] The credit union also plans to implement new features with Plano, Texas-based Alkami every 90 days, Silbia said, including: An FCFCU website; Account opening platform refresh; and A collections platform. Financial Center will also explore internal productivity tools to improve data quality and deploy AI “where it makes sense,” Silbia said. Alkami’s platform is also used by: $19 billion Mountain America Credit Union ; $3.5 billion Gate City Bank ; and $1.6 billion Greylock Federal Credit Union . Follow coverage of Bank Automation Summit 2025 at finainews.com .

Transactions: BNY taps OpenAI to enhance in-house platform

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Transactions: BNY taps OpenAI to enhance in-house platform

First Community CU, Valley Bank, Financial Center First CU among dealmakers

CFPB co-founder: Agency will ‘rise from the ashes’

American Express to acquire expense-management company center

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