Fintech

Merlon Intelligence, a startup launching Wednesday, plans to offer banks AI software that will help them with their expensive compliance responsibilities.

Wells Fargo is expanding its fintech accelerator so it is better positioned to connect with customers through channels like the internet of things.

Banks and nonbanks are typically foes, but banks made 34 nonbank M&A deals through mid-May, emerging as buyers in two-thirds of them. Many buyers are eager to pad fee income by adding investment, specialty finance or insurance firms; sellers are typically looking to cut costs. Here is a roundup of such deals this year.

Numerated Growth Technologies has a platform that lets banks make lending decisions in as little as five minutes. The spinoff will be run by Dan O'Malley, Eastern's former chief digital officer.

Philadelphia Federal Reserve Bank President Patrick Harker sat down with American Banker to talk fintech, financial regulation and the economy.