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IBM took the banking world by storm last month when it revealed its planned acquisition of Promontory Financial Group. Now, it has unveiled IBM Pay, a perhaps unexpected and yet unsurprising addition to the technology giant's Watson Commerce unit.
The private label mobile payment and point of sale system for merchants allows them to integrate loyalty, engagement and payments within their existing app, giving retailers full control of the end-to-end digital container—under their own brand—to compete more effectively with online merchants.
An IBM logo sits on display outside the offices of International Business Machines Corp. in the media city district of Dubai, United Arab Emirates, on Friday, Nov. 7, 2014. The United Arab Emirates' central bank limited mortgage lending and required larger down payments, and the Land Department doubled transaction taxes early last year as policymakers tried to avoid a repeat of a property bubble in 2008 that caused values to slump by about 65 percent. Photographer: Chris Ratcliffe/Bloomberg
Chris Ratcliffe/Bloomberg
Watson, IBM's massive artificial intelligence engine, is central to IBM Pay. A video announcement released Monday implies the move is more of a play for loyalty and engagement than convenience, which the consumer-facing Apple, Samsung and Android Pays have been pushing.
IBM touts the offering's insights, tailored offers that can be redeemed with one-click payments, and reduced transaction times and costs through in-app payments.
In its latest financial stability report, the Federal Reserve found that asset prices continue to exceed underlying fundamentals and leverage levels remain high, especially by hedge funds.
The Consumer Financial Protection Bureau's exit from a suit jointly filed with the New York attorney general's office narrows a major subprime lending case.
Ranjana Clark is the newest member of Texas Capital Bancshares' board of directors; Minnesota's Wings Credit Union and Colorado's Ent Credit Union are merging; Regions Bank adds Angela Santone to its C-suite; and more in this week's banking news roundup.
The Long Island-based regional bank, which reported another quarterly loss Friday, continues to hire in the commercial-and-industrial lending sphere as it seeks to diversify its commercial real estate-heavy business.
