Artificial intelligence

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/sustainable

Sustainable Finance Live Hackathon 2024 Winners: Established Category

Richard Peers, Contributing Editor, Finextra and Founder of Responsible Risk, connects with Rochelle Mountany, CEO, and Dicky Thomas, Operations Manager at Afri, to discuss the company’s 26-year journey and their win in the Established Category for the Sustainable Finance Live Hackathon 2024. After choosing the Challenge of enhancing nature through sustainable agriculture with large language models and geospatial data, this hackathon team created AfriGIS Ecohub that built upon Afri’s specialisation in data science to provide data driven insights to three groups – small holders, commercial farmers and financial institutions. By connecting these stakeholders with a single supply chain platform, real-time data driven insights can be leveraged to build upon opportunities to grow.

/Sibos

How Can AI and Collaboration Combat Rising Financial Crime?

In a conversation ahead of Sibos 2024, Laura Quevedo, Executive Vice President of Financial Crime and Resiliency at Mastercard, highlights the growing threat of financial scams in the digital age, with cybercriminals increasingly using AI to exploit consumers. Companies are stepping up their investments in cybersecurity and AI technology to stay ahead of evolving threats, as AI-powered tools like real-time fraud detection solutions become critical in preventing financial crime. Quevedo emphasises a three-pronged strategy: leveraging AI for fraud prevention, collaborating across industries to share insights, and educating consumers on emerging scams.

/Sibos

How Will New Technologies Shape the Future of Payments?

In an interview with FinextraTV in the lead-up to Sibos 2024, Pilar Fragalà, Chief Commercial Officer of CBI, explores the impact of digital technologies and regulations on payment services. Highlighting the role of AI, APIs, and blockchain in enhancing security and speed, while PSD2 and PSD3 drive open banking and consumer protection, the discussion focuses on innovations like embedded finance and instant payments that offer transparency and flexibility. Addressing growing fraud risks, the interview examines how technology can prevent fraudulent transactions by verifying IBAN and beneficiary details in real time.

/Sibos

Why Corporate Treasurers are Focused on Real Time Treasury

In an interview with FinextraTV in the lead-up to Sibos 2024 in Beijing, China, Rachel Whelan, Managing Director, APAC MEA Head of Corporate Cash Management and Global Head of Payments and TFX Product Management at Deutsche Bank, comments on the four key drivers that are encouraging corporate treasurers to leverage real time treasury and the impact this change in business model would have on the way in which traditional treasury structures are set up. 2024, a year with elections in multiple countries and numerous geopolitical events, has also seen macro level developments such as the interest environment changing rapidly and high volatility when it comes to cash visibility. Further, risk management remains the biggest requirement for treasuries because it relies on the visibility of data and the movement of funds across the world and technological disruption in the form of AI, open banking and APIs will increase the speed of change and bolster foundations for the G20 instant payments roadmap to be fulfilled.

/crime

Can Financial Institutions Keep Up with the $33 Billion Fraud Surge?

Reflecting on insights from last month’s Visa Payments Forum, Tareq Muhmood, SVP, Value Added Services, Europe, Visa, addresses the dramatic rise in global fraud—from $800 million in the early '90s to $33 billion in 2023. As financial institutions grapple with the increasing complexity of fraud in the digital age, the need for adopting advanced technologies like AI and real-time data analysis becomes clear. With a 50% boost in fraud detection through artificial intelligence, this interview underscores the urgency for banks and fintechs to evolve their security strategies. As fraud tactics continue to evolve, partnerships and continuous innovation are now critical for staying ahead of threats while maintaining seamless payment experiences.

/sustainable

Can Every Product Be Climate Positive?

Richard Peers, founder of Responsible Risk, interviews Erik Stadigh, Co-Founder and CEO of Lune, winner of the EBAday 2024 FinTech Zone award, ahead of Sustainable Finance.Live 2024. They explore how corporate sustainability can be simplified by automating carbon emissions reporting through APIs and hosted solutions. With the goal of making every product and service climate-positive by integrating granular emissions calculations and carbon projects into bank and fintech offerings, we ask: can businesses truly decarbonise efficiently without relying on costly consultants or new tools? As greener decisions are made with minimal effort, the future may see every company becoming a climate company through seamless integration of climate data.

/payments

Generative AI's Impact and Opportunities in Banking

Join FinextraTV as Shanker Ramamurthy, Global Managing Partner Banking & Financial Markets at IBM Consulting, and John Duigenan, General Manager Global Financial Services at IBM, unveil new global financial services survey findings. Explore the current state of generative AI adoption, the challenges and opportunities it presents, and the most impactful use cases revolutionising the banking industry. Delve into discussions on Open Banking, industry standards such as DORA, and trustworthy AI, and discover how financial institutions are set to leverage generative AI in the coming year.

/crime

Fighting Fraud with Form3: The Importance of Focusing on Customer Experience

In the final installment of this 3 Part series, FinextraTV and Nick Fleetwood, Head of Data Services, Form3, discusses how fraud prevention is all about customer experience. Consumers are accustomed to payments flowing in real-time and funds reaching their destination in seconds. However, when customer are notified about a potential fraudulent attempt, this in itself is a negative user experience. As a result, banks must ensure they are using insights to understand the level of trust - how trusted the sender is, how trusted the receiver is, and how trusted the relationship between them is - before sending a fraud alert. Further, suspicion can also be a valuable tool in any bank's toolkit: by analysing behavioural characteristics of the payment, coersion can be detected and aligned with how fraud has been recorded in the past, prioritising customer experience.

/sustainable

How do you finance Natural Capital? Sustainable Finance.Live 2024 Aims to Provide Answers

In the lead-up to Sustainable Finance.Live 2024, Richard Peers, founder of Responsible Risk, discusses the event's focus on addressing how to finance Natural Capital. The event will tackle real-world sustainability challenges and drive innovation in the financial industry. Key issues include the sector's lack of understanding of Natural Capital, pricing, risks, and adapting to new regulations. By examining the "left-to-right flow of data"—utilising space data, AI, and large language models all the way to trading—the event aims to develop practical solutions. In addition a hackathon will be running, transforming ideas into impactful businesses.

/crime

Fighting Fraud with Form3: The Importance of Inbound Transaction Screening

In Part 2 of this series, FinextraTV and Chris Oakley, Head of Fraud, Form3, highlights an upcoming substantial shift in the sector where due to incoming regulations from the PSR in the UK and PSD3 across the European Union, banks will have to double down on their focus on the risk associated with receiving a payment, not only sending a payment as has been the case historically. With current fraud screening methods built for outbound payments, after these regulations are mandated, receiving banks and sending banks will be forced to split liability for fraud and reimburse victims due to the PSR. This dichotomy must also lead to changes in the way that money mules are detected, which is usually also conducted retrospectively - where this convergence of fraud mitigation and anti-money laundering happens, risks need to be managed in real-time and a wider single view of the customer will be of paramount importance.

/crime

Fighting Fraud with Form3: The Importance of Collaborative Intelligence

In Part 1 of this series, FinextraTV and Chris Oakley, Head of Fraud, Form3, points out why banks remain hesitant to share data, explores the misconceptions around regulations such as GDPR, and where levels of fraud would be if the standard was named GDSR, focusing on data sharing. While many financial institutions continue to be concerned about whether they are breaching rules and obligations, in certain situations, the fact that sharing data for fraud prevention can be useful and is a legitimate reason, is lost. To avoid this vicious circle, banks must take advantage of collaborative intelligence to mitigate rising financial crime cases such as APP fraud scams and share data where insights and intelligence can be exchanged between organisations in a secure environment, building a collaborative view.

/markets

Communify Fincentric Unifies Financial Data with Acquisition from S&P Global

John Wise, Chairman and CEO of Communify Fincentric, explains the backstory to the company's acquisition of Markit on Demand from S&P Global. Aimed at fixing the financial industry's persistent challenge of fragmented data, this strategic move unifies client and market information in a single platform, integrating over 4,000 global data feeds to enhance AI-driven insights for portfolio managers, advisors and self-directed investors. By merging these data sets, the business intends to set a new standard for the broking, wealth and asset sectors, enabling institutions to navigate complex data landscapes and drive growth in a digital world.

/payments

Why Traditional AI should be used alongside Generative AI for Fraud Prevention

At EBAday 2024, Marc Corbalan, Vice President, A2A Risk Solutions, Visa, explores fraud detection advances and strategies. Generative AI is truly revolutionary and outperforms traditional AI when it comes to analysing text, voice, and imagery, namely describing when transactions are risky. However, Generative AI struggles with numerical data that includes patterns, which is what fraud analysts using search for. This is why traditional AI must be used alongside Generative AI.

/wholesale

Reimagining Your Core: How Banks Can Thrive Amidst Rapid Technological Change

Narendra Mistry, CPTO of Universal Banking at Finastra, emphasises that banks must adapt quickly to evolving technology and customer expectations. Success lies in implementing efficient core banking systems, that enable innovation at scale and at pace, while navigating AI and data with a focus on mindset and business services. Lean systems, like those of neo and digital-only banks, are good, but long-term growth requires a clear vision, a strong culture and breadth of capabilities. For established banks with pre-existing infrastructures, symbiosis – where next gen solutions are deployed alongside existing solutions – can offer a fast way to deliver outstanding experiences, stay ahead of competitors and, when appropriate, ease transitions.

/wholesale

Adapting to change: How financial institutions can revolutionise core banking systems

Siobhan Byron, EVP of Universal Banking at Finastra, discusses how innovation is not just limited to the neo and startup banks, indeed established banks are combining the move-fast philosophies of the emerging players with their own considerable assets. The conversation highlights the need for financial institutions to have a clear vision and strategy, find the right pace and technology for transformation, avoid high-risk methods, outline the challenges of losing market share, talent, and the ability to meet future needs if institutions fail to stay current and innovative.

/payments

2024 Payments Trends and Adding Value

At EBAday 2024, Michael Whitehead, Head of Sales - Europe, iGTB, and Tapan Agarwal, Head of Payments Solutions, iGTB, Intellect Design Arena, focus on the range of payments trends that are circulating within the industry and what is pushing innovation forward. The pair pay close attention to European regulations that are mandating instant payments, as well as the One-Leg Out Instant Credit Transfer and the G20's bid to ensure payments get faster, cheaper and more transparent. Further, they explore how banks can build on value-added services using technologies such as Generative AI, DLT and IoT, which will evidently lead to an explosion of payments.

/payments

What changes lie ahead for the future of real-time payments

At EBAday 2024, Paul Francis Walvik-Joynt, Senior Vice President, Real Time Payments, Mastercard, shares an outline of what changes lie ahead for real-time payments and what the proliferation of real-time payments means for the adoption of instant payments. It is evident that trust needs to be maintained as the industry grows and introduces new networks, ensuring organisations are remaining resilient and fraud is combatted. Further, with the advent of new real-time payments systems, opportunities are opening up for domestic and global payments, and for technologies such as AI to be leveraged.

/regulation

The Importance of ESG when Choosing a Technology Provider

Join FinextraTV at the Temenos Community Forum 2024 as Kalliopi Chioti, Chief ESG Officer, Temenos and Christian Sarafidis, Chief Executive, EMEA Financial Services, Microsoft, dive deep into how choosing the right provider and right partner is crucial for ESG. With increasing pressure coming to the fore from regulators, organisations have no choice but to consider their reputations. This journey cannot be completed alone, so partners are of paramount importance, in addition to technologies such as cloud and AI to drive sustainability efforts.

/retail

Fintech in Asia: How are Digital Experiences Evolving?

Join FinextraTV at the Temenos Community Forum 2024 as Ramki Ramakrishnan, Managing Director, APAC, Temenos and Trinh Vinh Hien, CTO & CDO, PVcomBank provide an overview of how the APAC region is leading when it comes to efficient digital experiences and the innovations that have come to the fore since 2022. As more and more customers expect digital access to all services, scalable solutions are imperative for financial players in Asia, the Pacific and further afield. While the likes of Alipay and WeChat attempt to bridge the gap between the banked and unbanked, innovation must ensure it is fit for purpose for all.

/payments

What to include on your Payments Blueprint for Success

At EBAday 2024, Sulabh Agarwal, Global Payments Lead, Accenture, discusses how banks are approaching payments transformation and why the traditional model may not work with the number of initiatives coming to the fore soon. With regulatory initiatives like SEPA Inst, ISO 20022 and a long list of others that include the EPI and digital Euro, financial institutions must remain focused and consolidate new products that are yet to be launched, ensure they are competing against newcomers and justifying the investments that they make. Traditionally, change has emerged incrementally, but now long-term thinking must be prioritised, instead of opening the hood and fixing issues here and there, and technology such as Generative AI must be considered.