Regions Bank is teaming up with information technology company Axway to accelerate its open banking transition. 

The $157 billion bank’s initiative follows the Consumer Financial Protection Bureau’s Oct. 22, 2024, ruling that mandates protections and offerings for bank clients, including:

• Free transfer of money from one bank to another; 

• Secure payments through open banking; and 

• Rate comparisons on financial products and services. 

Regions clients can already authorize third-party platforms to access their financial data by automatically saving credentials each time a transaction is made, but the integration of Axway’s API enhances security by requiring client approval before credentials are accessed, according to Regions’ Jan. 6 release. 

The API also enables Birmingham, Ala.-based Regions to monitor third-party activity, allowing it to deactivate data sharing if necessary, according to the release.  

Axway clients include Antigo, Wis.-based CoVantage Credit Union and German bank Commerzbank, according to the company. 

Eltropy to acquire Lexop 

Digital communications platform Eltropy announced Jan. 6 that it will acquire AI-driven collections fintech Lexop. 

It is Eltropy’s third acquisition in two years, following deals with AI-driven platform Marsview and video banking platform Popi/o, Eltropy co-founder and CEO Ashish Garg told Bank Automation News.  

Eltropy’s 650 community financial institution clients most often use its software for collections or debt recovery, Garg said. Clients were requesting ways to handle collections via digital wallets, AI and self-service, he added. 

Eltropy had to either build the technology in-house or acquire it, Garg said. By buying Montreal-based Lexop and its 18 employees, Eltropy can go to market with the collections capability much faster, he said.  

The first deliverables are expected to hit the market in the first quarter with a goal to be fully integrated by yearend, Garg said. 

ThetaRay offers crime detection on Microsoft 

AI-driven financial crime detection service provider ThetaRay has deployed its tools on Microsoft Azure, allowing banks to tap its AML services. 

The New York-based fintech also uses OpenAI to add gen AI capabilities to its services, a spokesperson told BAN, adding that the two platforms are connected via APIs. 

“Embedded in our platform, gen AI streamlines investigations and reporting,” the spokesperson said. “It automates SAR [suspicious activity report] generation, creates visual reports on demand and boosts operational efficiency overall.” 

Through integration of gen AI into ThetaRay’s services, FIs can get faster, more accurate reporting, helping them meet regulatory deadlines and standards, the spokesperson said. 

“With our gen AI- powered tools, institutions can continuously adapt to emerging threats, streamline compliance operations, and generate the insights they need to act decisively,” the spokesperson said. 

Clear.Bank, Travelex Bank and payments provider Shift4 are among ThetaRay’s customers, according to the company. 

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.  

Register here for early-bird pricing for Bank Automation Summit 2025, taking place March 3-4 in Nashville, Tenn. View the full event agenda here.