TD is winning more Wall Street business trading bonds, and doing it with fewer people. The Canadian bank has built up a computer-driven trading team over the past few years that has helped it rise up the US league tables in investment grade corporate bond transactions on the biggest venue for electronic bond trading, MarketAxess Holdings Inc. The bank rose from 20th in 2021, to 9th last year and 6th so far this year — leapfrogging bigger banks like JPMorgan Chase & Co. and Citigroup Inc. in total number of trades — and it is now at the top of the tables for municipal bond trading. To do this, it has doubled its automation team in the last four years and poached automation experts from rivals like JPMorgan. But the algorithmic trading has allowed it to shed even more employees from the ranks of old-school voice traders who used to dominate the fixed income world from their phones, according to the co-heads of TD Securities Automated Trading, Marty Mannion and Matt Schrager. The changes at TD offer a window into the automation that is sweeping the fixed income industry more broadly and making jobs redundant across Wall Street. Last year, 48% of US investment-grade bonds traded electronically, up from 34% in 2021, according to Crisil Coalition Greenwich. Schrager and Mannion declined to offer a specific number of jobs that have been reduced and said that humans continue to be a necessary part of their operation, in part to oversee the computers and in part to handle trades that are large or require the discretion that a phone conversation can offer. But they estimate that more than 90% of transactions will eventually be automated. TD’s efforts to take advantage of this are a central part of the bank’s ambitions to join the big leagues on Wall Street. The push is particularly important for TD because it is trying to recover from one of the worst money-laundering scandals in US banking history, which led to a $3.1 billion fine and a cap on the size of its US retail banking business.
New report shows while 85% of organizations trust their BI dashboards, only 58% say the same for their AI/ML model outputs, implying trust in AI remains elusive
Ataccama’s new report in partnership with BARC finds that while 58% of organizations have implemented or optimized data observability programs – systems that monitor detect, and resolve data quality and pipeline issues in real-time – 42% still say they do not trust the outputs of their AI/ML models. The findings reflect a critical shift. Adoption is no longer a barrier. Most organizations have tools in place to monitor pipelines and enforce data policies. But trust in AI remains elusive. While 85% of organizations trust their BI dashboards, only 58% say the same for their AI/ML model outputs. The gap is widening as models rely increasingly on unstructured data and inputs that traditional observability tools were never designed to monitor or validate. 51% of respondents cite skills gaps as a primary barrier to observability maturity, followed by budget constraints and lack of cross-functional alignment. But leading teams are pushing it further, embedding observability into designing, delivering, and maintaining data across domains. When observability is deeply connected to automated data quality, teams gain more than visibility: they gain confidence that the data powering their models can be trusted. The report also underscores how unstructured data is reshaping observability strategies. Kevin Petrie, Vice President at BARC said “We’re seeing a shift: leading enterprises aren’t just monitoring data; they’re addressing the full lifecycle of AI/ML inputs. That means automating quality checks, embedding governance controls into data pipelines, and adapting their processes to observe dynamic unstructured objects. This report shows that observability is evolving from a niche practice into a mainstream requirement for Responsible AI.”
TD Bank survey finds 70% of Americans are comfortable with AI being used for fraud detection and 64% for credit score calculations, while 43% would use AI in combination with a human advisor for financial planning
According to a new TD Bank survey, 89% of respondents say they are comfortable using and adapting to new technology in their daily life, while about seven in ten (68%) say they are at least somewhat familiar with artificial intelligence (AI), its uses and applications in their day-to-day lives. Half (50%) of respondents trust AI to provide reliable, competent information, and 65% see its potential to expand access to financial tools, a sign that perceptions are shifting as AI tools become more familiar and visible in everyday life. The survey revealed that Americans trust AI just as much as news stations (50%) and twice as much as social media influencers (25%) to provide information that is honest, reliable and competent. However, consumers still place greater trust in friends and family (90%) and banks (83%) for accurate information. A majority of Americans are comfortable with AI being used for fraud detection (70%) and credit score calculations (64%). While fewer are ready to hand over major decisions, 44% say they are comfortable using self-serve AI enabled tools to manage investments, and 43% would use AI in combination with a human advisor for financial planning, showing significant interest in hybrid solutions. As for personal finance choices, respondents were most comfortable using AI financial tools for budgeting (60%) and automating savings goals (59%) but showed less confidence in AI handling more intricate tasks such as retirement planning (48%) and investing (44%). 51% see value in AI improving financial decision-making, indicating a path forward as comfort and awareness increase. Interestingly, 48% agree that using AI would help them avoid embarrassing discussions with bank representatives, suggesting AI can improve approachability and drive self-service functionality. As a result of banks implementing AI, many Americans expect benefits such as 24/7 banking access (48%), improved transaction efficiency (40%) and reduced costs (32%).
Maven AGI’s AI agents support the full customer journey with a focus on complex, high-friction environments by unifying systems, syncing functions, and orchestrating real-time action across the enterprise
Maven AGI, the enterprise AI company unifying the full customer journey, has raised $50 million in Series B funding. The company’s Business AGI platform integrates seamlessly with enterprise systems to resolve issues, surface real-time insights, and improve performance at every customer touchpoint. Maven AGI builds enterprise-ready AI agents to support the full customer journey, with a focus on complex, high-friction enterprise environments. Its platform serves as a connected, intelligent operating layer that unifies systems, syncs functions, and orchestrates real-time action across the enterprise. Maven’s mission is to build Business AGI. “With fragmented systems slowing innovation, enterprises are urgently seeking a unified approach. Maven delivers on that need with AI that securely connects people, systems, and data across the entire customer lifecycle,” said Jonathan Corbin, CEO and co-founder of Maven AGI. The Series B funding will fuel Maven’s continued expansion, including accelerated product development and go-to-market efforts. In a fast-moving market, the company is prioritizing rapid distribution and working closely with a network of partners and investors who have scaled some of the most successful technology companies in the world.
By utilizing a regulated deposit token rather than a conventional stablecoin, JPMorgan is aiming to preserve the structural rigor of traditional commercial banking within a digital framework, balancing interoperability with control on a Layer 2 network
JPMorgan Chase has launched a product called a “deposit token” that will serve as a digital representation of commercial bank money and will be available only to the bank’s institutional clients. The tokens, known as JPMD, are minted by JPMorgan and transmitted to participating institutional clients, including Coinbase, via smart contract transactions on the Base network. At all times, each unit of JPMD is fully backed by a corresponding fiat deposit, ensuring parity between on-chain representation and off-chain liability. The JPMD launch marks the first time a major commercial bank has deployed deposit-based products on a public blockchain, but the timing isn’t coincidental. Though modest in immediate scale, being entirely in-house, J.P. Morgan’s deposit token pilot provides insight into how large financial institutions may navigate the evolving demands of settlement efficiency, regulatory compliance, and market participation in a tokenized environment. Against the backdrop of regulatory and marketplace momentum in the U.S., it is increasingly evident that the architecture of digital finance may not be defined solely by startups and technologists. Large, regulated institutions are increasingly not merely adapting to this evolution; but they are beginning to shape it in their own image. Other major banks such as Bank of America, Citigroup, Wells Fargo and others, have reportedly been in talks to launch joint stablecoins or tokens. JPMorgan’s early move positions it as the first among equals. Although, as the bank stresses, JPMD is a deposit token and not a stablecoin. At a technical level, the JPMD token is conceived as a digital representation of U.S. dollar deposits held at JPMorgan. These tokens are issued in direct correspondence with balances in client accounts and are not free-floating or algorithmically stabilized. JPMorgan’s strategic intent appears twofold. First, by utilizing a regulated deposit token rather than a conventional stablecoin, JPMorgan is aiming to preserve the structural rigor of traditional commercial banking within a digital framework. Second, the decision to conduct the pilot on Base, a Layer 2 Ethereum-compatible network operated with institutional oversight mechanisms, may suggest a cautious but deliberate attempt to balance interoperability with control.
JP Morgan met with SEC’s Crypto Task Force to discuss tokenized collateral with reference to the bank’s permissioned blockchain, Kinexys, intraday repo solution Digital Financing and a bond issuance platform called Digital Debt Services
The Securities and Exchange Commission (SEC) posted a memo detailing a meeting between its Crypto Task Force and JP Morgan. While the task force primarily handles cryptocurrency issues, it also oversees tokenization matters that increasingly affect traditional finance (TradFi) companies. JP Morgan’s meeting agenda revealed three key discussion points: an overview of its existing digital finance services including repo solutions and debt platforms, analysis of how capital markets activity might migrate to public blockchains, and plans for future regulatory engagement. The discussion likely centered heavily on tokenized collateral, an area where multiple regulators are actively involved. The CFTC is currently running tokenized collateral pilots for derivatives margin posting, and the DTCC is launching its own platform. The CME is also participating in this space. Tokenization offers a solution by allowing institutions to transfer tokenized securities directly to meet margin requirements without selling underlying assets. JP Morgan’s recent announcement of JPMD deposit tokens on the Base public blockchain further addresses cash collateral needs, providing an alternative to stablecoins. The bank already operates a tokenized collateral solution on its permissioned blockchain, Kinexys, alongside an intraday repo solution called Digital Financing and a bond issuance platform called Digital Debt Services. However, using permissioned blockchains creates integration challenges that public blockchains can ease.
Citi plans to level up Its AI game building on Stylus, a browser plug-in for document and article analysis, and integration of Citi Assist into Microsoft Teams
Citigroup’s Jane Fraser is on a mission to modernize the global bank. Three executives have been appointed to ensure AI plays a big role in that. As part of the push, the firm — which has long struggled with its reputation issues, some of which are directly tied to tech — said it’s unveiling new tools, pilot programs, and a broader effort to embed AI across its operations. The internal memo, which went out to Citi’s roughly 200,000 employees, reveals the scope and ambition of the bank’s AI efforts, which will be overseen by new co-sponsors of Citi’s AI strategy, who are part of the Executive Management Team, include Gonzalo Luchetti, head of US personal banking; Tim Ryan, head of technology and business enablement; and Anand Selva, the firm’s chief operating officer. “We are focusing on accelerating our AI strategy—connecting teams and partners, prioritizing resources and expediting use cases across our businesses and functions,” the three leaders. To realize the push, the bank will rely on some of its $12 billion annual tech budget, though it’s unclear how much is specifically dedicated to AI. But it comes as much of Wall Street, from JPMorgan to Goldman Sachs, races to integrate the technology into everything from consumer service to trading to internal operations. “AI is reshaping how we operate, serve our clients and scale our business,” they added. “We firmly believe that to be competitive in this digital evolution, we must be an AI-ready workforce—nimble and ready for what this technology can unlock.” They explained that Citi is scaling its generative AI capabilities across the company, with more than
U.S. Bank’s vision for SMB brings banking and payment services into an interconnected ecosystem focused on simplifying cash flows and management
U.S. Bank recently launched two new products to its SMB offering: a spend management platform as well as an all-in-one checking account called Business Essentials that will help SMBs accept card payments with same-day access to funds. It also comes with a free mobile card reader, no maintenance fees, and the ability to integrate a business’ accounting into budget management software. These products are a result of a years-long strategy at US Bank that combines fintech acquisitions, like that of Bento Technologies which the firm acquired in 2021, with internal innovation to build products that can serve SMBs holistically and at scale. The Bento Technologies acquisition came as a part of the bank’s vision to bring banking and payment services into an interconnected ecosystem focused on simplifying cash flows and management for SMBs, says Shruti Patel, Chief Product Manager for Business Banking at the firm. Fintech acquisitions allow US Bank to plug capabilities into their systems that might have otherwise taken them years to build but there is always a risk of integrations leading to a choppy and fragmented experience for customers. US Bank was able to avoid this by keeping the main thrust of integration efforts aligned with and optimized for customer experience. The bank’s recent spend management tool is a result of teams like business banking, payments, IT, project teams, as well as the employees who joined from Bento owning the build regardless of where they were based in the country. “Team members were located everywhere from San Francisco to Minneapolis to Chicago. It was a real cross-bank collaboration,” she said. Banks need to integrate generative AI into their SMB spend management and cash flow tools to compete with fintech innovations like Lili’s Accountant AI, as small business owners increasingly use AI for content creation, data analysis, and marketing strategies while seeking faster answers and more efficient business execution. The possibilities for banks are massive: Integrating Gen AI in bank-offered spend management and cash flow management tools can help SMB owners get answers faster and execute business plans more efficiently. More broadly, CX is trending towards enabling a higher level of automation, where jobs to be done are executed by Gen AI and monitored by employees. Banks have yet to catch up onto this change and their movement is likely to be the same slow and deliberate gait we have seen in years past but it doesn’t mean that the C-suite is sleeping on this innovation. iIt’s just prioritizing the back office: “We are incorporating AI into our own operations and in innovations that benefit clients. For example, to make our interactions with customers as frictionless as possible, our customer service teams use AI for call transcriptions, knowledgebases that give the representatives quicker access to the information they need, and personalized product recommendations. We’re exploring a number of ways to use AI, including investing in our own data and technology infrastructure so we can deploy AI at speed and scale. We will continue to look at innovations that can help our clients save time and money and improve their operations,” said Patel.
JP Morgan Chase is lauded for success of Payments Development Portal, Integrated Solutions Plugin Cash Flow Intelligence and API Multibank Reporting; bank is declared overall model bank by analyst firm
- Celent, now part of GlobalData, recognises 17 model banks and declares JP Morgan Chase as the overall model bank of the year.. JP Morgan Payments launched several concurrent initiatives that markedly improved its end-to-end payments and treasury services, driving business value for corporate clients and ecosystem partners. Specifically, the bank is recognised for the success of four initiatives, namely:
- Payments Development Portal: a strategic digital platform to connect developers with JPM’s payments infrastructure.
- Integrated Solutions Plugin: an embedded banking solution integrating popular middle-market resource planning systems.
- API Multibank Reporting: a reporting product that recognises multibank reporting by using the API connectivity channel to retrieve information from non-JPM accounts.
- Cash Flow Intelligence: an AI-driven analytics and cash forecasting solution providing visibility into clients’ cash flows.
- The 2025 Model Bank programme attracted 140 nominations from around the world. Every region was well represented with the nominations well balanced across all asset tiers. Of the 18 winning banks, six are headquartered in the US and three in Canada. India and the UK each have two winners with institutions from the Philippines, Chile, Brazil, Vietnam and Romania also recognised. A common theme across all categories is the winning banks success in combining technology, talent, and processes to modernise platforms, enhance customer value, and lead with impact
https://www.retailbankerinternational.com/news/celent-reveals-2025-model-banks/
Analyst Celent declares Bank of America a model bank for an Edge in Actionable Analytics, BMO for Payments Innovation, Citi for Corporate Integration, Citizens Bank for Technical Onboarding Excellence and Wells Fargo: Award for Step Change in Corporate Digital Banking
- Bank of America: Award for the Edge in Actionable Analytics: Celent selected Bank of America’s CashPro Data Intelligence for this year’s Model Bank Award for developing an Edge in Actionable Analytics. The bank has demonstrated a commitment to engage with its corporate client community and develop self-service, rich data and analytics tools that help all corporate clients meet their working capital and operational goals.
- Bank of Montreal: Award for Payments Innovation: BMO is recognised for six recent initiatives spanning the entire client lifecycle, from sales and onboarding to servicing and support. The six initiatives address specific client pain-points around payments and were executed with care and attention, and collectively merit recognition.
- Citi: Award for Corporate Integration. Citi launched a new unified API and integration experience, Citi Developer Portal, delivering innovation across client experience, operational efficiency, and business impact, earning the bank the 2025 Celent Model Bank Award for Corporate Integration. According to Celent, Citi’s Developer Portal initiative highlights the importance of adopting a client-first approach, designing solutions based on how clients experience Citi as a single entity, rather than developing within traditional product silos. It also demonstrates the bank’s commitment to delivering a world class developer experience while helping clients accelerate time-to-value with scalable, more secure, and user-friendly integration options. By combining self-service design, embedded certificate provisioning, pre-built integrations, and a solution-oriented marketplace, the portal sets a high standard for enterprise API platforms in the financial industry and demonstrates a clear understanding of client pain points.
- Citizens Bank: Award for Technical Onboarding Excellence: The bank’s MTF platform was approaching end of life, along with its underlying software and infrastructure. Its age was causing many challenges, not least that the platform was failing to meet the bank’s functional, business, customer, resilience, and security needs. There was also a recognition that the bank would also need to prepare for widespread ISO 20022 adoption. The customer onboarding and file testing processes were a major pain point. They were inefficient and time-consuming, and reliant on excessive back-and-forth communication, creating lengthy, frustrating customer experiences. Citizens Bank implemented a robust, next-generation, cloud-based business integration platform from SEEBURGER that was flexible, scalable, secure, and resilient as well as provided traditional secure file transfer capabilities.
- TD Bank: Award for Customer Centred Innovation in Business Banking. Celent recognises TD’s Small Business Dashboard and Tap to Pay on iPhone as representing exceptional discovery of distinct customer needs and innovation. The bank leveraged consumer-digital technologies to deliver truly impactful solutions for small business clients. Partnerships with proven third party solution providers combined to form a complimentary offering producing strong results. The bank took a customer-centric approach to product design that included extensive research to identify specific pain points experienced by its small business clients. In addition, the bank pursued an early-adoptor position in the area of payments technology, where it knew it would have difficulty playing catch up later.
- Wells Fargo: Award for Step Change in Corporate Digital Banking. Wells Fargo Vantage, the bank’s next-generation digital banking platform, is recognised for delivering a dynamic, persona-driven experience tailored to business clients’ unique needs, including industry, size, operational context, and lifecycle. As a result, Vantage can support companies that range from start-ups to multinationals with complex workflows—all in one platform. The project was highly complex and involved integrating 65 fragmented systems with a modular, scalable framework using advanced technologies like micro-frontends, APIs, AI/machine learning, and GraphQL. Celent recognises the bank’s success in delivering across all the critical dimensions of digital banking transformation: acting on the voice of the customer and selecting and implementing the most effective advanced technologies.