Visa will partner with Pagaya, a technology company that builds artificial intelligence (AI) infrastructure for the financial ecosystem. The partnership will allow Visa’s network of merchant partners and issuing co-brand financial institutions to leverage Pagaya’s technology to expand customers’ access to financial products.

Pagaya provides a proprietary AI technology and infrastructure that enables banks, originators and merchants to offer access to financial products through a white-labeled customer experience. Partners leverage its technology and funding solutions to expand credit to their customers. This collaboration will seek to drive growth for Visa’s network of merchants and issuing financial institutions.

Truist, M&T and Huntington National Bank sign with data-aggregator Akoya

Truist, M&T and Huntington National Bank signed agreements with data-aggregation business Akoya. Fintechs and data aggregators will be able to access financial data from customers of these banks through Akoya, the company said.

Akoya collects data from banks on its network and provides a single API entry point for third-party apps and data aggregators, such as Plaid and Yodlee.

Fidelity spun off Akoya into its own company in 2020, giving financial institutions another tool to securely share customer data with third-party financial apps. Akoya is owned and operated by Fidelity, 11 major banks and The Clearing House.

CIBC to deploy nCino Bank Operating System

CIBC (Canadian Imperial Bank of Commerce) announced Jan. 13 that it has selected nCino Bank Operating System for its business clients. The $653.6 billion CIBC is the latest of the Bix Six Canadian banks to deploy the cloud banking and loan automation firm, Cameron Sterrett, managing director of nCino’s Canadian business, told >Bank Automation News.

Scienaptic scores deal with Minko app

Scienaptic, an artificial intelligence (AI)-based credit-decisioning solution, announced Tuesday a new deal with the fintech Minko, which provides an app for shop owners and retailers in India. The implementation will leverage alternative credit decisioning for micro, small and medium enterprises, helping them gain access to credit for ultra-short durations, ranging from seven to 30 days.

Minko aims to make access to digital credit lines as simple as using a credit card for offline retailers in India. The fintech has a network of more than 16,500 retailers and over 100 distributors in India, and the implementation of Scienaptic’s platform will enable it to scale its offerings to more than 18 million retailers in India’s $900 billion retail market.

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