PaymentExpert

PaymentExpert.com (PE) is a specialized news website that focuses on the rapidly evolving global payments industry. It highlights the various disruptions and emerging trends that affect businesses, their value chains, and commercial processes.

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JP Morgan Chase backs $10m investment in FairPlay AI

1 month ago | paymentexpert.com | Kieran O'Connor

JP Morgan Chase has joined a $10m investment in FairPlay as demand for the company’s AI safety solutions continues to grow. FairPlay, the world’s first Fairness-as-a-Service company, helps organisations using AI tools to make high-stakes decisions about consumers’ lives by identifying and correcting blind spots in their decision-making systems. Financial institutions have been early adopters of AI, primarily using the technology to enhance customer experiences and prevent fraud.
embrace tech innovation or risk being left behind

Sep 16, 2024 | paymentexpert.com | Ted Orme-Claye

Staying at the forefront of innovation requires companies to stay up to date on two things, technology and regulation. Veiko Krünberg, Co-Founder and CEO of XGateway, a payments technology specialist, argues that stakeholders cannot afford to wait for regulatory change to seize on technology opportunities.
embrace tech innovation or risk being left behind

Sep 16, 2024 | paymentexpert.com | Ted Orme-Claye

Staying at the forefront of innovation requires companies to stay up to date on two things, technology and regulation. Veiko Krünberg, Co-Founder and CEO of XGateway, a payments technology specialist, argues that stakeholders cannot afford to wait for regulatory change to seize on technology opportunities.
Wells Fargo required to improve AML programme

Sep 16, 2024 | paymentexpert.com | Ted Orme-Claye

Wells Fargo, one of the ‘big four’ of US banking and by extension a prominent multinational player, has signed a formal agreement with a regulator around anti-money laundering (AML). The bank has agreed with the Office of the Comptroller of the Currency (OCC) that it will take ‘comprehensive corrective actions’ to improve its AML and financial crime mismanagement practices.
Wells Fargo required to improve AML programme

Sep 16, 2024 | paymentexpert.com | Ted Orme-Claye

Wells Fargo, one of the ‘big four’ of US banking and by extension a prominent multinational player, has signed a formal agreement with a regulator around anti-money laundering (AML). The bank has agreed with the Office of the Comptroller of the Currency (OCC) that it will take ‘comprehensive corrective actions’ to improve its AML and financial crime mismanagement practices.
Labour opens new hubs to combat 'banking deserts' across UK

Sep 13, 2024 | paymentexpert.com | Kieran O'Connor

In response to recent retail banking closures, high street banks have committed to opening 350 new banking hubs across the UK over the next five years. These hubs are collaborative banking spaces run by the Post Office and various lenders, with bank representatives rotating daily. The centres aim to address the problem of branch closures and the creation of “banking deserts,” as highlighted by Labour in its election manifesto.
Pix could take lead over cards earlier than expected

Sep 13, 2024 | paymentexpert.com | Ted Orme-Claye

Pix’s journey to dominance of the Brazilian payments landscape is moving at a much quicker pace than expected according to data from EBANX, a global payments technology company. The firm has analysed Payments and Commerce Market Intelligence (PCMI) data around Pix’s use, and project’s that the Central Bank of Brazil’s homemade instant payments method will be market dominant next year. This is a year earlier than previously anticipated.
Pix could take lead over cards earlier than expected

Sep 13, 2024 | paymentexpert.com | Ted Orme-Claye

Pix’s journey to dominance of the Brazilian payments landscape is moving at a much quicker pace than expected according to data from EBANX, a global payments technology company. The firm has analysed Payments and Commerce Market Intelligence (PCMI) data around Pix’s use, and project’s that the Central Bank of Brazil’s homemade instant payments method will be market dominant next year. This is a year earlier than previously anticipated.
LSB implements stricter rules for SME personal guarantees

Sep 13, 2024 | paymentexpert.com | Kieran O'Connor

The Lending Standards Board (LSB) has tightened rules on personal guarantees in business lending to provide clarity and prevent unexpected liabilities. There are three major updates to the Standards, along with new requirements for lenders and enhanced protections and guidance.
Google’s Pathway AI model faces Irish regulatory inquiry

Sep 13, 2024 | paymentexpert.com | Ted Orme-Claye

Ireland’s Data Protection Commission (DPC) has launched an inquiry into Google Ireland regarding the firm’s Artificial Intelligence (AI) models, the latest case of a national regulator investigating a global Big Tech giant. The cross-border inquiry will look at whether Google has complied with any obligations that it may have had to undertake an assessment of the development of its Pathways Language Model 2 AI Model.