AI-driven cloud platform Derivative Path has tapped Wells Fargo’s foreign exchange payment APIs to provide real-time FX rates for its regional and community bank clients.

“The need for a new FX solution has grown significantly due to the increasing globalization affecting even the smallest businesses,” Derivative Path Chief Executive Pradeep Bhatia told Bank Automation News. “Recognizing this gap, we reimagined the international payment experience to make it accessible and economical for community and regional banks.”

Before this solution, “a regional bank’s customer may need to call over the phone or walk into a branch and fill out a paper for to send money abroad. This new solution allows a regional [and] community bank’s customer to see a foreign exchange rate on their screen and immediately understand their costs,” Dan Vogt, managing director, head of FX payment solutions sales and product strategy at Wells Fargo, told BAN.

The $12 billion, Champaign, Ill.-based Busey Bank and $13 billion, Nashville, Tenn.-based FirstBank have implemented the new solution, according to the release.

“Since implementing the Derivative Path and Wells Fargo integrated FX payment solution, Busey Bank has processed over 500 FX wires with only one inquiry,” Neil Denault, capital markets manager at Busey, said in the release.

Visa to enable digital payments on X app

Visa is teaming up with social media platform X, to enable digital payments through the app.

The service enables users to transfer funds between traditional bank accounts and a digital wallet called the X Money Account, according to a Jan. 28 X announcement.

Users can also make peer-to-peer payments to other X users as an alternative to other payment apps like Zelle or Venmo, according to the announcement.

The service is expected to become available later this year, X Chief Executive Linda Yaccarino said in a Jan. 28 post on the app.

Visa, DealMe partner on cross-border installment payments

Visa this month will pilot a cross-border installment payment solution with fintech DealMe in South Korea in response to a spike in leisure travel from Vietnam to South Korea.

The service enables cardholders with locally issued Visa credit cards in Vietnam to access real-time installment offers at top merchants in South Korea when traveling, according to a Jan. 24 announcement from Visa.

Eligible Visa cardholders will be able to select the installment duration, according to the announcement.

Visa and DealMe plan to expand the service to merchants in other countries, including:

• The United States;
• Singapore;
• Japan;
• Vietnam; and
• Australia.

Liberty Mutual Investments, Affirm expand partnership

Boston-based Liberty Mutual Investments, the wealth management arm of Liberty Mutual, is expanding its capital partnership with payment network Affirm, $100 billion company announced Jan. 24.

Through the partnership expansion, Liberty Mutual Investments (LMI) expects to invest $5 billion in Affirm’s flow loan purchase program by June 2027, according to the release.

LMI and Affirm have collaborated since 2019 to provide flexible payment options, such as buy now, pay later to Liberty clients, according to the announcement.

Affirm’s total funding capacity is $16.8 billion. LMI’s investment will enable Affirm to extend up to $20 billion in loans over the next three years, according to Affirm.

Shanghai Commercial Bank, Planto aid SMEs

Hong Kong-based Shanghai Commercial Bank has teamed up with digital banking solutions provider Planto to streamline banking for SMEs.

Under the partnership, $30.7 billion Shanghai Commercial Bank and Planto introduced an online banking platform that enables Shanghai’s SME clients to open digital accounts, according to a Jan. 27 announcement.

The companies also launched the AI-powered Credit Insights Platform, which uses data from the Hong Kong Monetary Authority’s open banking-focused Interbank Account Data Sharing program to deliver credit insights for lending decision-making, according to the Jan. 27 announcement.

“This partnership reaffirms our dedication to fostering technology innovation and supporting the local startup ecosystem, paving the way for a more dynamic and adaptable banking experience for our customers,” said Ryan Fung, deputy chief executive and chief of retail and digital strategy at Shanghai Commercial Bank,” said in a Jan. 27 statement.

Planto also works with $3 trillion HSBC and asset management firm PwC.

Texas Security Bank taps Attune for automation

Dallas-based Texas Security Bank is partnering with fintech Attune to integrate Attune’s digital origination platform, the $1.2 billion bank announced Jan. 27.

Texas Security Bank will integrate Attune’s platform to automate more than 90% of banking processes, including:

• Mortgage origination;
• Compliance checks;
• Product service ordering;
• Funding; and
• Core system updates.

Integration of the platform will take approximately two months, an Attune spokesperson told BAN.

The platform is especially beneficial to Texas Security Bank’s business and mortgage clients, bank Founder, Executive Vice President and Chief Experience Officer Shon Cass, said in a Jan. 27 statement.

With Attune’s platform, SMBs can open businesses accounts in less than five minutes, according to the Attune spokesperson.

Some of Attune’s other FI clients include:

• $2.2 billion Sutton Bank;
• $628.3 million Midwest Bank; and
• $616.1 million Breakout Capital.

Central 1 transfers digital banking assets to Intellect

Vancouver-based Central 1 Credit Union is transferring its digital banking operations to fintech firm Intellect, Central 1 announced Jan. 23.

The decision to wind down digital banking businesses followed a comprehensive strategic review in which Central 1 concluded that the investment and innovation required to accommodate client needs and sustain its digital banking service would not be sustainable in the long term, a spokesperson for the credit union told BAN.

The transaction, which is expected to close in the coming weeks, is not a sale but an asset transfer, the spokesperson said.

Central 1’s digital assets were not disclosed, but the credit union has $11.6 billion total assets, according to the Jan. 23 announcement.

Central 1 plans to focus on its payments, clearing and settlement and treasury services in 2025 and will provide digital banking software for the Intellect team, the spokesperson said.

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