Amazon has selected fintech Stripe to assist with payment processing across its numerous businesses. 

The partnership is an expansion of a 2017 deal and will see Stripe help with volume across Amazon Prime, Audible, and Amazon Pay as well as other businesses of the e-commerce giant. 

Stripe will expand its use of Amazon Web Services as its cloud infrastructure provider and will use AWS’ Graviton processors to improve data-processing efficiencies and Nitro enclaves to help enhance data security by creating isolated execution environments, according to a release from the companies.

“[AWS] gives Stripe enormous developer leverage, which we then deploy in service of our users,” David Singleton, chief technology officer at Stripe, said in the release. 

Dublin-based Stripe was among the technology-centric companies to lay off employees amid economic uncertainty, reducing its headcount by 14% or more than 1,000 jobs in early November 2022. 

Grasshopper Bank enlists MANTL for loan origination, direct deposit

New York-based Grasshopper Bank chose account-opening solutions company MANTL to help with enhancing its direct deposit origination platform and fully automated loan origination. 

The $606 million bank aims to enhance and streamline its existing online business account opening process and will use commercial deposit origination to strengthen its digital deposit platform to provide an improved customer experience, according to a release from New York-based MANTL.   

“Selecting MANTL for both deposit and loan origination will consolidate and enhance our tech stack, improve the application experience for our clients, and unlock new revenue streams for the bank,” Chris Tremont, chief digital officer at Grasshopper said in the release. 

Tremont will speak at the Bank Automation Summit U.S. 2023 on March 2 in Charlotte, N.C. 

Paducah Bank selects SEI for cloud migration

Paducah, Ky.-based Paducah Bank has chosen tech consulting firm SEI for assistance with migrating its core applications, platforms and IT infrastructure to a Microsoft Azure cloud environment. 

The $846 million bank will use SEI’s managed security service provider, Sphere, to assist with the migration of data to better serve its customers’ needs as well as its own regulatory requirements using the cloud capabilities, according to an SEI release. 

“It was important to us to partner with a company that understands our industry and will deliver us a secure and compliant cloud environment,” Kelly LeNeave, senior vice president at Paducah Bank, said in the release. 

Citco streamlines with Fenergo’s SaaS platform 

Asset servicing provider Citco is streamlining its client onboarding and know-your-customer processes with digital transformation business Fenergo. 

Curacao, British Virgin Islands-based Citco manages $1.8 trillion in assets and wanted to improve client experiences through front- to back-office integrations with anti-money laundering screening providers and centralized document management, a release from the companies said. 

“We recognize the importance of continuing to take an innovative approach to increase our service standards in order to surpass clients’ expectations, while also satisfying increasing regulatory requirements,” Albert van Nijen, head of client lifecycle management at Citco Fund Services, said in the release. 

FNZ buys portfolio management company YieldX

 New Zealand-based financial services company FNZ purchased Miami-based portfolio management firm YieldX for an undisclosed amount. 

FNZ plans to integrate YieldX’s portfolio technology into FNZ’s systems to enable customers to find fixed-income opportunities globally and quickly identify the outcomes that mirror their desired term and yield, based on their risk profile, according to a release. 

“The acquisition provides a unique opportunity to accelerate our growth and presence in the U.S. as we continue to add market leading capabilities to our global wealth platform,” Tom Chard, chief executive of North American operations at FNZ, said in the release. 

Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit US 2023.