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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.
Federal Deposit Insurance Corp. Vice Chair Travis Hill has assumed the duties of FDIC chair, National Credit Union Administration Vice Chair Kyle Hauptman took over as NCUA chair and Securities and Exchange Commission member Mark Uyeda will serve as acting chair of the SEC.
A one-page outline of priorities for Trump's inauguration day obtained American Banker includes financial policy items, including firing Consumer Financial Protection Bureau Director Rohit Chopra, issuing a "reset" of that agency and designating crypto as a "national priority."
The Chicago-based bank, which failed Friday in the first bank failure of 2025, caused a $28.5 million hit to the Deposit Insurance Fund. The FDIC was appointed receiver and Millennium Bank will assume all deposits.
The Providence, Rhode Island-based company launched its private bank in 2023 after a spate of bank failures left holes in the market. "It's not like I'm asking anybody to wait for delayed gratification," CEO Bruce Van Saun said Friday.
Citing concerns about going outside its statutory mandate, the Federal Reserve Board of Governors voted to leave the Network of Central Banks and Supervisors for Greening the Financial System.
