HSBC is teaming with Google Cloud to provide financing to climate-mitigating companies on the cloud provider’s network. 

Google Cloud will connect the companies with HSBC’s climate tech finance team to explore venture debt financing options, according to a Feb. 8 release. 

The Google Cloud Ready – Sustainability program tracks companies that help their customers achieve environmental, social and governance targets, demonstrate the repeatability of outcomes and provide carbon footprint reporting for available services, Managing Director for Global Sustainability Justin Keeble told Bank Automation News.

The money is expected to support early-stage startups to develop solutions, including EV charging, battery storage, sustainable food and agriculture, and carbon removal technologies, Natalie Blyth, global head of commercial banking sustainability at HSBC, told BAN. 

“Financing provided to climate techs through this partnership will count toward our broader ambition to deliver $1 billion of financing to the sector,” Blyth said. “We will also look to facilitate access for them to our own client base looking for climate tech solutions.” 

Mountain View, Calif.-based Google Cloud believes “sustainable finance will make strides in 2024” and will look toward teaming up with other FIs to expand its program’s reach, Keeble said. 

Citi launches shopping browser extension 

Citi has launched Citi Shop, a browser extension that helps customers find deals online. 

The feature, available for U.S.-based Citi credit card customers, provides coupons for purchases at 5,000 online retail stores in 30 different categories, according to a January release from Citi. 

The extension was co-developed with Wildfire Systems Inc., a company that provides cash-back rewards programs, Anthony Merola, head of proprietary products at Citi, told BAN. 

Citi Ventures, the venture capital arm of the bank, invested in Wildfire in 2022, Merola said. Wildfire has raised $17.5 million since its inception in 2017, according to Crunchbase. 

“We’re not only making it easier for card members to find savings while shopping online but we’re also addressing that finding time is one of the top barriers for consumers looking for a deal,” Merola said. 

Customers can add the extension to their Google Chrome, Safari or Microsoft Edge browsers.  

M&F Bank selects nCino cloud banking platform 

M&F Bank has selected digital banking solutions provider nCino for its cloud banking solution. 

By using nCino’s cloud banking operations, M&F Bank can process loans quickly and provide a better digital customer experience, a Feb. 6 nCino release stated. 

“Moving to the cloud enables data collection and insight, enhanced decision-making capabilities and improvements to the customer experience, which is particularly paramount for community and regional banks,” M&F Bank Chief Executive James Sills told BAN. 

Running cloud-based applications reduces costs by eliminating the need for buying servers, associated software and other infrastructure, as well as ongoing upgrade and maintenance costs, Sills said. Cloud-based applications also provide flexibility with a “pay as you grow” model that allows businesses to scale without upfront infrastructure costs, he said. 

nCino is seeing a high demand for FIs to move to the cloud for efficiency and cost reduction purposes, Will Cameron, senior vice president of community and regional banking, told BAN. 

Smaller FIs, which have traditionally faced barriers such as legacy systems, are increasingly recognizing the strategic importance of cloud technologies in maintaining a competitive edge, Cameron said. 

M&F Bank will also use nCino’s predictive AI tools to use its internal data more effectively and improve efficiency, Sills said. 

SBI taps Flywire for cross-border payments 

State Bank of India has selected Flywire, a global payments company, to provide cross-border educational payments. 

Flywire will allow Indian students to pay education-related fees in their local currency to institutions globally, according to Flywire’s Feb. 6 release.  

The $790 billion bank is connected to Flywire’s payment networks via APIs and started beta testing the solution toward the end of the third quarter, Mohit Kansal, senior vice president of global payments at Flywire, told BAN. 

“It’s streamlining this payment process — that is historically a cumbersome, multistep process that usually involved going to a bank with things like taxes collected separately — down to a few clicks, all from a computer or mobile phone,” Kansal said. 

Flywire will consider adding digital currencies like the digital dollar to its network when the use case of such currencies becomes “more widespread and accepted,” Kansal said. 

Bank of America, Citi, and JPMorgan are some Flywire’s payment partners, 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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