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In its new 80,000-square-foot development center, the bank is adopting the look, feel, and practices of fintech startups. Its also moved some of its developers into an incubator to collaborate directly with local entrepreneurs.
May 18 -
Even if you don't care about Bitcoin, you could use the technology that enables it. Companies like Eris and Factom are working on practical applications that banks would find handy, with use cases ranging from acquisitions to securitizations.
April 27 -
Big banks, including Citi and U.S. Bank, are developing a system to make mobile wallets more secure by walling off customer data from merchants and other third parties.
June 30 -
Silicon Valley, Silicon Prairie and Silicon Alley all have their virtues, but some say Atlanta has the most to offer financial technology startups.
March 4 -
The dress was casual. The presentations were edgy. But representatives of Capital One's innovation lab made it clear to the South by Southwest crowd that it's not exactly like the startups it wants to hire away from.
March 16
Since Elavon
For its Fanfare loyalty-and-rewards program, the U.S. Bancorp payments-processing unit hung a record cover from 1980s arena-rock icons Journey. The rollout of a product for accepting EMV cards was commemorated with 1970s art-rock favorites Electric Light Orchestra. And its tablet-based point-of-sale terminal, designed in partnership with NCR, got the Southern boogie-rock treatment with an Allman Brothers record.
The R&D lab is called "the Grove," as in a fertile ground for innovation, and is designed to look and feel like a Silicon Valley startup, replete with a ping-pong table and restaurant booths. Other financial institutions are trying to create nontraditional units with
The Grove's latest product is called
"A lot of merchants are struggling" with adding Apple Pay, Mlynarski said.
Commerce SDK will primarily be marketed to vendors like Oracle's Micros Systems, NCR and Talech, which would then use the product in their relationships with merchants, Mlynarski said.
Commerce SDK can also help merchants enable their point-of-sale terminals to
"A lot of [merchants] will want to look at the equipment they have and determine if this is a time to make a change or upgrade," Mahony said.
Future products under development at the Grove include something to smooth the flow of payments in the complex health-care industry, Mahony said.
"Health care as a whole is huge, but also complicated," Mahony said.
For those who are more interested in what rock band will be selected for Commerce SDK, they will need to wait, as the product is still in the test phase. There is plenty of room, however, for Commerce SDK to have its place in Grove history enshrined, just down the hall from the ping-pong table.
