Companies

Sector Risk Advisory: Preparing the Enterprise for AI-Enabled Vulnerability Discovery

FSISAC

“Recent announcements of AI frontier models’ advanced vulnerability discovery and chaining capabilities to create exploits indicate an important change in the risk landscape for financial services. Traditional assumptions and approaches for vulnerability management no longer hold. FS-ISAC recommends the following as part of a fundamental shift in operations to manage cybersecurity and resilience risks.”

Tags: FS-ISAC

Global

ION Brings Mandatory EU Payee Verification Live at Scale

PR Newswire

“ION Treasury, a global provider of treasury and risk management solutions for corporations, financial institutions, and central banks, announced the introduction of Verification of Payee (VoP) capabilities across its treasury solutions. This enables customers to comply with a major EU payments regulation as it moves into active enforcement.”

Tags: European Union

Companies

Nacha: Rising to the Challenge of First-Party Fraud

Nacha

“Nacha’s Risk Management Advisory Group (RMAG), Rules and Operations Committee, and the First-Party Fraud Workgroup are looking at ways to better identify and mitigate first-party fraud. The first steps are education and raising awareness of the problem. We have issued a series of articles describing first-party fraud and addressing actions for both ODFIs and RDFIs.”

Tags: Nacha

Regulation

Treasury Releases Two New Resources to Guide AI Use in the Financial Sector

U.S. Department of the Treasury

“In support of the President’s AI Action Plan, which calls for clear standards, shared understanding, and risk-based governance to ensure artificial intelligence is deployed safely and responsibly, the U.S. Department of the Treasury released two new resources to guide AI use in the financial sector, a shared Artificial Intelligence Lexicon and the Financial Services AI […]

Tags: Financial regulators

Industry

Banks Are Starting to Move Money on Chain

OMFIF

“‘Tokenisation’ has been the word on everyone’s lips for a few years. Referring to the representation of assets on blockchains, it promises instant, cheaper settlement, greater efficiency and improved liquidity management. But while the process of tokenising assets is underway, the market has yet to come to a consensus on the appropriate payment instrument. Reaping […]

Companies

Ingenico and Visa Collaborate to Accelerate Unified Commerce Solutions Across Industries

Ingenico

“Ingenico has collaborated with Visa, a global leader in payments, to enhance and expand value with current and future clients. The solution combines Ingenico’s Android-based AXIUM smart POS terminals with the Visa Acceptance Platform, including gateway and risk management services. By using Visa’s extensive experience in e-commerce, this collaboration can grow Ingenico’s innovative payment options, […]

Tags: Ingenico Visa

Companies

FIS Launches 24/7 AI Assistant to Ease Risk Models Management

FIS

“Actuaries spends a substantial amount of their time searching for information buried in technical documentation on risk modeling. Global financial technology leader FIS ® is changing that with the launch of its Insurance Risk Suite AI Assistant, a generative AI tool that instantly answers complex questions about building and maintaining risk models—in any language.”

Tags: FIS

Companies

B2B Cross-Border Payments: Expert Insights on Faster Payments Adoption Report

Faster Payments Council

“This report published by the FPC Cross-Border Payments Work Group, sponsored by Mastercard, explores the most pressing challenges facing B2B cross-border payments and practical strategies for addressing them. While cross-border B2B transactions remain critical to global trade, many organizations still contend with friction around settlement speed, liquidity management, foreign exchange, compliance, data quality, and fraud risk.”

Tags: U.S. Faster Payments Council

Industry

ABA, Associations Seek Extension of Comment Period for FDIC’s Genius Act Implementation

ABA Banking Journal

“The American Bankers Association joined four other associations to request that the FDIC push back the deadline for comment on its proposal to create a process through which banks can seek agency approval to issue stablecoins through a subsidiary. Comments on the FDIC proposed are currently due Feb. 17. The associations asked that the deadline […]

Companies

Block, Inc. Surpasses $200 Billion in Credit Provided to Customers, Continuing to Address Global Lending Gaps

Block, Inc.

“Block, Inc. announced it has provided access to more than $200 billion to customers in global lending across its portfolio of credit products, including Cash App Borrow, Afterpay, and Square Loans.¹ Through this work, Block is proving that with the right technology, inclusive lending and responsible risk management aren’t opposing forces; rather, they’re the foundation […]

Tags: Block

Global

Canada Approves Budget That Advances Policy for Stablecoins

CoinDesk

“Parliament narrowly passed Prime Minister Mark Carney’s first budget. A section governs the issuance of stablecoins, overseen by the Bank of Canada. Issuers in Canada must maintain one-to-one reserves “composed exclusively of the reference currency or other high-quality liquid assets,” allow immediate redemptions and meet a suite of requirements on risk management in times of […]

Tags: Canada

Companies

The Clearing House Association and BPI Urge Treasury to Modernize AML Rules for the Digital Age

The Clearing House

“The Clearing House Association and the Bank Policy Institute issued recommendations to the U.S. Department of the Treasury as part of Treasury’s request for information to modernize the Bank Secrecy Act. Recommendations: Apply anti-money laundering rules consistently; encourage banks to adopt technologies that help combat illicit finance; Rescind the existing model risk management guidance, which […]

Tags: The Clearing House (TCH)

Global

Monetary Authority of Singapore Launches PathFin.ai Knowledge Hub to Boost AI Adoption in Finance Sector

TNGlobal

“The Monetary Authority of Singapore (MAS) has launched the PathFin.ai knowledge hub to boost the use of artificial intelligence (AI) in the financial sector. The knowledge hub features an initial set of successful use cases, curated by industry participants in key areas like sales and marketing, customer operations, risk management, and engineering and tech.”

Tags: Singapore

Global

European Central Bank Selects Digital Euro Service Providers

European Central Bank

“The ECB has signed framework agreements with the following providers for the five digital euro components and related services: Alias lookup: (1) Sapient GmbH & Tremend Software Consulting S.R.L, (2) equensWorldline; Risk and fraud management: (1) Feedzai, (2) Capgemini Deutschland; App and software development kit (SDK): (1) Almaviva SpA & Fabrick SpA, (2) Sapient GmbH […]

Tags: Europe

Industry

Feedzai Selected to Safeguard the Digital Euro

Feedzai

“The European Central Bank (ECB) has concluded a framework agreement in ranking with Feedzai to provide the central fraud detection and prevention mechanism for the digital euro. Its role is to contribute to safeguarding transactions from fraud by enriching payment service providers’ own risk management with insights derived from a central infrastructure-level view.”