FinTech news in American Express category

According to Amex, the initial solution will leverage machine learning and AI to automate expense reporting and approvals.

In a series of moves last year, the Reserve Bank of India indefinitely barred Mastercard, American Express and Diners Club from issuing new debit, credit or prepaid cards to customers over noncompliance with local data storage rules (PDF). should provide a boost to the local banks and fintechs that for over a year have been able to largely offer customers debit and credit cards powered by Visa and Rupay, a homegrown card network that is promoted by the National Payments Corporation of India, a special body of RBI. The resumption of American Express’ business in India Unveiled in 2018, the local data-storage rules require payments firms to store all Indian transaction data within servers in the country.

Represas notes that Able’s focus on the tech that is used for processing, but not decision-making or risk-profiling (which Represas told me is just a small aspect of loan approval and not where the pain point is); the fact that it focuses on commercial loans and not SMB loans (too small an opportunity, he said); and that it does not directly interface with borrowers itself but works through banks I write that it is launching into the wider market because although it’s coming out of stealth, Able’s actually been around since 2020, and the customers it’s picked up are already using Able’s technology — which involves RPA, computer vision and other forms of AI to ingest and process data related to loans as part of their evaluation process.

Amex users have been waiting for an announcement like this for some time, as its competitors Visa and Mastercard have already launched their own crypto rewards credit cards through partnerships with digital asset companies, such as Visa’s crypto rewards card offered in conjunction with BlockFi and the Mastercard-powered card issued by crypto exchange Gemini.

American Express has launched its first all-digital consumer checking account, the company announced on Tuesday. The new offering, American Express Rewards Checking, is currently available for eligible U.S. Consumer Card Members. The launch comes as the emergence of digital banking services is causing traditional banks to enhance their digital strategies and offer more competitive banking \[…\]

Finmark wants to put sophisticated financial modeling within reach of startups The company also invested a lot of money into creating content to help early companies understand how to build more accurate financial models to make sure they don’t run out of money, which Essaid points out is the main reason that startups fail.