Three quarters of financial services firms in the UK are already using artificial intelligence, yet nearly half of these users have only a “partial understanding” of the AI they are deploying, according to a Bank of England and FCA survey.
Financial services firms are putting an emphasis on active human oversight for model training, interpretation and sensitive decision-making as they begin the roll out of generative AI across their businesses, according to a report from UK Finance.
The Covid-19 outbreak may just provide the pin that bursts the fintech bubble, according to a report by Rosenblatt Securities, which forecasts a devaluation of Unicorn businesses and tough times ahead for challenger banks, marketplace lenders and robo-advisory services.
The payments sector is getting a major shakeup, with Global Payments agreeing a $22.7 billion deal to acquire Worldpay from GTRC and FIS while offloading its Issuer Solutions business to FIS for $13.5 billion.
TransferWise has revamped its overseas business account to include a debit card, integration with accounting platform Xero and an API for the development of third party payment automation applications.
Swiss prosecutors have launched criminal proceedings aimed at those responsible for the 2022 leak at Credit Suisse which exposed the details of accounts held by wealthy clients allegedly involved in a host of illegal activity.
The Consumer Financial Protection Bureau (CFPB) has fired a shot across Apple’s bows over the tech giant’s policy of restricting access to the NFC chip technology that enables iPhone users to make payments.
Stablecoin payments infrastrcuture firm BVNK has secured a $50 million Series B round to expand its operations in the United States.
Sustainable money app Zero is opening for investments on Crowd Cube as it begins the roll out of its debit card, personal current account, and app for climate-conscious consumers.
HSBC has opened two data and innovation labs – in London and Toronto – that will house specialists in areas such as analytics and robotics working on products and services for the bank’s global banking and markets (GBM) unit.
The European Central Bank has uncovered significant shortcomings in the ability of EU banks to adequately cover their exposure to climate-related risk.
Bank of Ireland has begun rolling out bio-sourced debit and credit cards across its entire cards portfolio.
LexisNexis® Risk Solutions and Finextra Research will be hosting Trust:Live 2023, an exclusive in-person event for all fraud and identity decision makers that brings together industry leaders, experts and innovators to discuss the latest challenges in establishing trust to protect customers, defend brands, or meet the needs of evolving business models
Kicking off the first day of AFP, the conference for finance and treasury professionals held in Nashville, Tennessee this year, Mike Watercott, CTP, working capital consultant, US Bank, led a discussion on striking the balance in payments with Andy Sullivan, vice president of channel sales, Bottomline and Cynthia MacGeagh, treasury manager, Clayton Homes.
Cloud migration is a major part of the financial industry today; traditional banks and emerging fintechs are in process of transitioning online to cloud services to become scalable, agile, and operate at a higher level.