Artificial Intelligence

September 13, 2024 @ 8:32 am By Omar Faridi  |  

KYC/KYB (Know Your Customer/ Know Your Business) systems is a rapidly evolving area of technology which must compensate for the constant increase in volume and complexity of online financial crime. This, according to an extensive report from Juniper Research. Juniper Research explains the role of… Read More

September 12, 2024 @ 10:16 am By Omar Faridi  |  

State chief information officers (CIOs) and state chief digital officers (CDOs) recognize the importance of high data quality — especially as a critical determinant of successful artificial intelligence (AI) — but a majority have concerns about data quality, according to a new report released by… Read More

September 9, 2024 @ 8:11 am By Omar Faridi  |  

Sedric AI, the compliance-dedicated AI platform for financial institutions, announced it has closed a $18.5 million Series A funding round to further its efforts to transform compliance operations across the industry. The latest funding round, led by Foundation Capital with participation “from Amex Ventures, brings… Read More

September 8, 2024 @ 6:56 pm By Tony Zerucha  |  

Results of a recent J.D. Power survey suggest consumers are growing more comfortable with artificial intelligence in financial services, but the concept isn’t over the hump just yet. J.D. Power surveyed more than 2,000 financial services customers in the United States about their utilization and… Read More

September 8, 2024 @ 4:18 pm By Omar Faridi  |  

Real estate marketplace Zillow‘s (Nasdaq: Z and ZG) AI-powered search experience is getting an upgrade. Now buyers and renters can search the real estate market for their next home using simple, everyday language in even more ways — “including by commute time, affordability, schools and… Read More

September 8, 2024 @ 4:15 pm By Omar Faridi  |  

More than two-thirds (76%) of financial services operations leaders in the US believe that using AI would enable them to make faster, more effective decisions, but 62% lack the data management capabilities and data environment to capitalize on the technology’s potential. That is according to… Read More

September 8, 2024 @ 4:13 pm By Michael Wong  |  

National legislatures will play a pivotal role in shaping the future of artificial intelligence (AI) and enhancing cybersecurity, according to a statement released by representatives of the Group of Seven (G7) countries. The statement was issued at the conclusion of the G7 Speakers’ Meeting held… Read More

September 4, 2024 @ 9:45 am By Omar Faridi  |  

Lloyds Bank has teamed up with Cleareye.ai, an artificial intelligence platform, leveraging AI to enhance the processing and compliance checking of trade finance documentation to enable efficiencies for customers. The innovative tech will use optical character recognition, machine learning and natural language processing algorithms in… Read More

September 3, 2024 @ 7:00 pm By Peter Reynolds  |  

The US Federal Reserve Board’s June cease-and-desist order against Evolve Bancorp and its subsidiary, Evolve Bank & Trust, came in response to a series of alarming deficiencies in its risk management, anti-money laundering (AML), and compliance practices. The order wasn’t just a regulatory formality—it was… Read More

September 3, 2024 @ 6:30 am By Omar Faridi  |  

The first six months of 2024 were challenging for the global fintech market given the high interest rate environment and geopolitical uncertainties. Global investment in fintech fell “from 62.3 billion dollars to 51.9 billion dollars during this period.” While VC investments in the USA and… Read More

September 2, 2024 @ 9:24 pm By Omar Faridi  |  

Despite the promises of Gen AI, business leaders have significant concerns about its implications for business performance, according to new research from KPMG UK. Respondents cited the inaccuracy of results, “including hallucinations1, as the biggest concern when adopting Gen AI (60%).” Boards are also worried… Read More

September 2, 2024 @ 12:50 pm By Omar Faridi  |  

Uppsala Security, a provider of tools and services for crypto AML/CTF, transaction risk management, regulatory compliance, transaction tracking, and cybersecurity, is pleased to announce the collaboration between Chainkeeper, its Crypto AI-powered Investigator, and the Burrito Wallet. The joint venture between Chainkeeper and Burrito Wallet is… Read More

August 29, 2024 @ 9:43 pm By Omar Faridi  |  

The Insurtech 50 is CB Insights’ annual list of the 50 most promising private insurtech companies in the world. This year’s winners are working on everything from AI assistants to embedded insurance. CB Insights has unveiled the third annual Insurtech 50 — a list of… Read More

August 27, 2024 @ 7:13 pm By Omar Faridi  |  

Accenture (NYSE: ACN) announced an expansion of its strategic collaboration with Amazon Web Services (AWS) to create Accenture Responsible Artificial Intelligence (AI) Platform powered by AWS to help organizations adopt and scale AI rapidly with trust and confidence throughout their enterprise. The rapid rise of… Read More

August 26, 2024 @ 4:12 pm By JD Alois  |  

Shri Shaktikanta Das, Governor of the Reserve Bank of India, touched on multiple topics pertaining to Fintech at a global conference entitled Digital Public Infrastructure and Emerging Technologies. Digital Public Infrastructure (DPI) and Emerging Technologies are expected to shape the futures of all economies, said… Read More

August 22, 2024 @ 9:11 pm By Omar Faridi  |  

Experian released its 2024 U.S. Identity and Fraud Report revealing that generative AI (Gen AI), deepfakes and cybercrime are critical threats putting intensifying pressures on businesses. The 9th annual Experian Identity and Fraud Report provides valuable insights “into emerging fraud trends such as these, as… Read More

August 22, 2024 @ 9:09 pm By Omar Faridi  |  

Elite, a provider of financial management and business operations solutions to the world’s most successful law firms, and Brightflag, the AI-powered e-billing and matter management platform for in-house legal teams, have launched a new integration which seamlessly connects two of the legal industry’s legal invoicing… Read More

August 22, 2024 @ 4:15 pm By JD Alois  |  

Fintilect, a banking service provider serving both UK and US banks and other financial services firms, says it is now offering a new generation of “hyper-personalized banking solutions. The company claims that its platform will enable its clients to recognize and communicate with their individual… Read More

August 22, 2024 @ 4:02 pm By Omar Faridi  |  

Skyfire Systems, Incorporated announced the launch of the payment network built to enable fully autonomous transactions across AI Agents, LLM’s, data platforms, service providers, and other goods and services. Skyfire creates an essential operating layer, “delivering critical missing components for AI commerce, including secure wallet… Read More

August 20, 2024 @ 10:43 pm By Omar Faridi  |  

Unit21, a global risk and compliance leader that proactively mitigates risks tied to fraud, money laundering, and other financial crimes, announced a new bundle of features for Automated Clearing House (ACH) transactions. These features use Generative AI (GenAI) and machine learning (ML) to “help banks,… Read More