Latest long reads: Finextra Research

What California's AI Safety Bill SB 1047 means for fintech

Madhvi Sonia Head of Content at Finextra

What California's AI Safety Bill SB 1047 means for fintech

The Wall Street Journal reported this week that SB 1047, the first-of-its-kind, controversial AI safety state bill that had Silicon Valley tech giants such as Meta, Google and OpenAI divided, had been vetoed by California Governor Gavin Newsom. Here’s everything you need to know. What is SB 1047? Also known as the Safe and Secure Innovation fo...

01 October 2024 /ai

Hamish Monk Senior Reporter at Finextra

What is Open Banking?

After the financial crisis, there was a recognition that banking concentration could be disadvantageous – both in terms of competition and systemic risk. Since then, regulatory measures have sought to boost diversity in financial services, the most notable of which is Open Banking. Launched in the United Kingdom on 13th January 2018 following the ...

01 October 2024 /payments

How can a nonprofit become a for-profit?

Madhvi Sonia Head of Content at Finextra

How can a nonprofit become a for-profit?

OpenAI is restructuring to no longer be led by a non-profit board, and will become a for-profit company, as exclusively reported by Reuters. The ChatGPT creator will own a minority stake in the for-profit and CEO Sam Altman will receive equity in OpenAI, predicted to be worth $150 billion and removing the cap on returns for investors. This news ...

30 September 2024 /ai

The 'good stuff' happening in sustainable lending in the US

Scott Hamilton Contributing Editor at Finextra Research

The 'good stuff' happening in sustainable lending in the US

The Inflation Reduction Act (IRA), passed by the US Congress in 2022 and signed into law by President Biden, is working as intended, and America’s major banks are getting onboard with sustainable lending. That’s what we’re hearing from leaders of the financial institution wing of Boston-based Ceres – the nonprofit advocacy organisation formed in ...

30 September 2024 /sustainable

Worried about layoffs? Strengthen your soft skills

Amanda Kavanagh Contributor at Jobbio

Worried about layoffs? Strengthen your soft skills

After a shaky few years, investment in UK fintech is growing. In its latest UK Innovation Update, Dealroom.co reports that fintech is the industry that has attracted the most investment in 2024, so far. Specifically, in Q1 and Q2, fintech startups in the UK raised $2.7 billion, compared to transport ($1.7b), energy ($1.5b), enterprise software ($1...

27 September 2024 /people

Ushering in a new era of real-time payments

Dominique Dierks Senior Content Manager at Finextra

Ushering in a new era of real-time payments

The progress in real-time payments (RTP) has been significant over the last few years, and the momentum is showing no sign of slowing down. Today, there are around 96 RTP systems operational globally, with more and more countries building out their payments landscape. The economic impact of real-time payments is significant. In 2023, 266.2 billion...

26 September 2024 /payments

Sehrish Alikhan Reporter at Finextra

What are A2A payments?

The European Payments Initiative recently released a report stating that A2A payments are going to spike usage in the next few years; which begs the question, what are A2A payments and how to they differ from other digital payments methods? A2A payments, short for account-to-account payments, are the transfer of funds from one bank account to anot...

25 September 2024 /payments

AI validation and governance: How banks are securing their AI models

Níamh Curran

AI validation and governance: How banks are securing their AI models

Artificial intelligence (AI) and generative AI have become one of the largest topics in banking in the last two years. From OpenAI’s launch to the EU AI Act coming into effect, things are heating up. Banks are becoming more comfortable with the use cases AI is offering them, which means that ensuring AI models are being validated properly (doing wh...

25 September 2024 /ai

Hamish Monk Senior Reporter at Finextra

What is core banking?

With modernisation ever at the forefront of financial professionals’ minds, core banking is the buzz phrase that just won’t go away. But what exactly do we mean by core banking? And why does it need updating? In this latest article of Finextra’s explainer series, we’ll dive deep into the history and transformation of core banking. A short history ...

24 September 2024 /retail

What is the Regulated Liability Network?

Níamh Curran

What is the Regulated Liability Network?

UK finance announced the successful ending of the experimental phase of the Regulated Liability Network (RLN) last week. Following this UK Finance held a launch event with speeches from some of the partners who worked on the RLN – such as HSBC, EY, Barclays, Nationwide, and Lloyds – as well as announcing their next steps. While the outcome of the e...

23 September 2024 /payments

What does the UK’s proposed Digital Assets Bill mean for the future of crypto?

Chris Holmes Peer at House of Lords

What does the UK’s proposed Digital Assets Bill mean for the future of crypto?

On September 11 a new bill to clarify the legal status of digital assets, including crypto-tokens, was introduced to the House of Lords. Based on extensive work published by the Law Commission of England and Wales earlier this year the bill proposes a “third category” of personal property rights. Currently under UK law there are two traditional ...

20 September 2024 /regulation

Why commercial banks should be concerned about a digital pound

David Skeie Professor of Finance at University of Warwick

Why commercial banks should be concerned about a digital pound

The prospect of digital currencies becoming part of our everyday lives has been on the agenda for the last decade. The closest they have come to impacting the mainstream financial system and economy in the West was the stablecoin Libra, later renamed Diem, proposed by Facebook in 2019. This attracted a significant backlash from regulators and conce...

19 September 2024 /payments

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