Artificial intelligence

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/Artificial intelligence

Unesco agrees draft text for ethical AI

After months of constructive dialogue and negotiation, representatives from UNESCO’s member states have agreed on the draft text of an ambitious and wide-ranging new template for the ethical development and deployment of Artificial Intelligence.

/payments

EBAday 2021: Payments innovation and the benefits cascading down the waterfall model

EBAday 2021 has flown by, and the sessions throughout day three of the event served to build on the momentum from day one and two. Another punchy strategic roundtable addressed the need for industry-wide collaboration to drive payments innovation, while two boisterous chatrooms tackled the weighty subjects of Open Banking, CBDCs and stablecoins.

/markets

Northern Trust lays foundation for a multi-year investment to digitize alternative asset servicing

Northern Trust has launched a machine learning-powered document capture capability as the foundation of a multi-year investment to digitize alternative asset servicing and enhance the experience for asset owner clients that invest in complex private market and unlisted assets.

/markets

Symphony integrates Saphyre AI tech

Symphony- the leading financial markets’ infrastructure and technology platform, has established a strategic partnership with fintech firm Saphyre, Inc. to integrate patented AI technology into pre and post-trade workflows for front, middle and back office teams. The integrated solutions are available through Symphony's platform.

/payments

EBAday 2021: Modernisation, a catalyst for payments utopia

With day two now under our belt, we are only just beginning to digest the eyewatering number of insights shared across six panel sessions, two roundtables, a lively chatroom forum and of course, non-stop networking on the EBAday platform.

/cloud

Bank execs predict branch model will be dead within 5 years

With Covid-19 leading to an uptick in digital banking, nearly two thirds of industry executives from around the world think that the branch-based model will be dead within five years, according to an Economist Intelligence Unit survey.

/regulation

SEB introduces data ethics policy

Swedish bank SEB has adopted an ethics policy for handling customer data and the use of artifical intelligence.

/payments

EBAday 2021: Payments transformation and the road to success

Finextra Research and the Euro Banking Association today welcomed the global banking community to EBAday 2021. Running from 28-30 June, the virtual conference is being led by some of the most influential leaders and practitioners in the financial services sector, and dives into the current and future trends of the European and international payments landscape – as well as the latest developments across digital banking, liquidity management, open banking, real-time payments, and more.

/wholesale

Taskize and Ezops join forces on counterparty resolution

Taskize the leading provider of inter-company workflow to the financial services industry, has entered into a partnership with EZOPS, the leading provider of AI-enabled data control, workflow automation, and regulatory reporting solutions, to deliver cross industry issue resolution services to their mutual clients without the risk of sharing critical & confidential data.

/startups

Mastercard invests in card tech startup Deserve

Deserve, a provider of bespoke white label mobile-centric API and SDK-based credit card technology, has raised $50 million in a Series D funding round joint-led by Mastercard.

/regulation

Hawk AI plots global expansion on $10 million fund raise

Germany's Hawk AI has raised $10 million in a Series A round led by BlackFin Capital Partners to finance global expansion for its AI-based AML platform.

/retail

UK shoppers struggle to be understood by chatbots

Lucidworks, provider of the Connected Experience Cloud, shared results from a survey of 800 respondents about shopper behaviour and preferences in the U.K. and U.S.

/retail

Isbank installs H2O.ai for income and default prediction, and cash forecasting

H2O.ai, a leading AI technology software company, has announced that İşbank, officially Türkiye İş Bankası, the largest private bank in Turkey, has selected H2O’s Driverless AI platform to upgrade its Income Prediction, Cash Forecasting and Check Default Prediction applications, to improve the accuracy of the bank’s business planning with on-going AI projects.

/startups

Retailer finance startup Myos raises $30 million

Myos, a fintech company that provides working capital solutions for online retailers, raises $30M in Series A funding led by Fasanara Capital and Xploration Capital, both funds with deep expertise in digital lending.

/retail

TrueLayer releases Verification API for speedy onboarding

TrueLayer, Europe’s leading open banking platform, today announced the launch of a new approach to account ownership checks with its Verification API.

/retail

Scotiabank brings machine learning to chatbot

Scotiabank is bringing machine learning to its search function, prepping a chatbot that will be able to instantly answer complicated customer questions.

/regulation

AML regulations driving up compliance costs across UK

A new report by LexisNexis Risk Solutions has found that increased AML regulations, more so than criminal threats, are intensifying compliance costs for UK financial institutions.

/markets

Deutsche Bank releases paper on post-trade AI

The wishes of investors keen to avoid settlement failure penalties and cookie-cutter services from their custodian banks are set to be granted by artificial intelligence (AI) solutions, according to Deutsche Bank’s new whitepaper, “Unleashing the potential of AI in securities services”.

/security

VTB releases AI-based platform for protecting customer data

VTB has implemented a depersonalization platform based on Machine Learning (ML) algorithms.

/startups

Expend smashes crowdfunding target

Expend, the AI-powered fintech startup changing the way businesses manage expenses and spending, has announced a great start to its crowdfunding campaign on Seedrs.