BNY Mellon has expanded its use of Microsoft for cloud services and AI models, according to a Feb. 5 release from the bank. 

The $30 billion bank will integrate its financial data with Microsoft Azure to create AI-driven models that its clients can use for services like wealth management, BNY Mellon Chief Growth Officer Akash Shah told Bank Automation News.

“Five years ago, we took our proprietary, market-leading data management system and built Data Vault, in partnership with Microsoft and Snowflake,” Shah said. Working with Microsoft “will enable us to enhance and build on existing data and analytics products, and to serve new market segments, such as wealth management.” 

The New York-based bank will incorporate Microsoft’s AI technology “for improved productivity and better-informed decision-making” along with reducing the time to market for many BNY clients, Shah told BAN. 

Working with Microsoft allows the bank to “meet evolving client need[s] and demand for a leading data management solution for the capital markets, using innovative technologies and applications,” he said. 

Pagaya raises $280M credit facility from JPM and BlackRock 

AI-driven fintech Pagaya announced that it has closed a $280 million credit facility from $3.4 trillion JPMorgan, BlackRock and $61 billion, Morristown, N.J.-based Valley Bank, among other investors, according to a Pagaya release today. 

The credit facility matures in 2029 and has two tranches — $225 million for Pagaya’s growth initiatives and $25 million as a revolving credit facility — the release states. The funds will be used to pay off outstanding loans of Pagaya and invest in product development. 

“The capital commitment demonstrates our ability to access new and diverse capital sources, bolstering our financial flexibility and fortifying our business as we consistently pursue further scale,” Interim Chief Financial Officer Evangelos Perros of Pagaya said in the release. 

The $197 billion Ally Financial, $30 billion SoFi and card giant Visa are among Pagaya customers, according to the company’s website. 

Jack Henry teams with MX for data sharing 

Tech provider Jack Henry and fintech MX Technologies are teaming up to provide secure data sharing among 800 financial institutions as the industry moves toward open banking, according to a Feb. 1 release from MX. 

“MX connects to Jack Henry … directly through a secure tokenized API connection to mitigate the risks associated with traditional methods of credential sharing such as screen scraping,” Nicole Klein, vice president of open finance at MX, told BAN. “Each time a user wants to share their financial data with an application or financial institution to transfer funds, these APIs play a crucial role in reducing risk by generating unique tokens for every connection.” 

Open banking APIs give the user more control in the data-sharing process, Klein said, adding that Jack Henry’s Banno solution provides consent management capabilities, so users can revoke access to their financial data at any time. 

By working together, MX and Jack Henry will enable nearly 10 million registered users to connect to over 2,000 third-party applications, Klein said. 

Among MX’s customers are $22.5 billion Washington Federal Bank, $2 billion Emprise Bank and $5.2 billion Mercantile Bank, according to the company’s website. 

Sunwest Bank selects Torpago for credit card offering 

Sunwest Bank has selected card and spend management provider Torpago to launch its virtual and physical Visionary Card program for U.S. businesses, according to a recent release from Torpago. 

By working with Torpago, the $2.7 billion bank will get an end-to-end commercial credit card program infrastructure, including its Bank Admin Tool, which serves as a loan origination system and card program dashboard, James Yacobucci, head of bank partnerships at Torpago, told BAN. 

“Sunwest employees have full visibility into the data of Visionary Card applicants and active customers, ensuring that proper compliance thresholds are met, appropriate credit decisions are made and account management is optimized,” he said.  

Torpago provides white-labeled credit cards issued by Marqeta, Yacobucci said. By using Torpago’s services, businesses can “run an end-to-end commercial credit card program, delivering products and services ranging from web and mobile apps to account servicing and support.” 

The Bank of Missouri moves to i2c core platform 

The Bank of Missouri is moving its operations to i2c’s core banking platform, according to i2c’s Jan. 25 release. 

On the i2c core, the $2.8 billion bank’s fintech clients will have access to i2c’s BaaS offerings, the release states. 

“Regional banks are actively exploring BaaS as a strategy to enhance their deposit growth and broaden their service offerings,” Serena Smith, chief client officer at i2c, told BAN. “This trend is part of a larger shift towards integrating financial services into digital channels, which extends beyond traditional banking institutions.” 

As BaaS becomes more popular among financial institutions, i2c expects businesses outside of traditional banking to increasingly deliver financial services, Smith said. 

The $6 billion Shore United Bank and $442 billion Banco do Brasil are among i2c customers, according to the company’s website. 

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.

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