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Banks prevented $25 billion in fraud using Visa AI

Visa Inc. (NYSE: V) today announced new analysis showing Visa Advanced Authorization (VAA) using artificial intelligence (AI) helped financial institutions prevent an estimated $25 billion in annual fraud—making the global payment ecosystem safer for retailers and consumers.

Why collaboration is the new innovation and the role of the treasury

/Artificial intelligence

Why collaboration is the new innovation and the role of the treasury

Gulru Atak, Global Innovation Lead for Treasury & Trade Solutions at Citi, speaks about the collaboration as the new innovation, the impact of AI and ML on the corporates, how Citi is approaching the new platform business model and how the treasury department help banks through innovation challenges.

Carney positive on Facebook's Libra; says BofE could open up balance sheet to new players

/Artificial intelligence

Carney positive on Facebook's Libra; says BofE could open up balance sheet to new players

Facebook's new digital currency, Libra, could "substantially improve financial inclusion and dramatically lower the costs of domestic and cross border payments," Bank of England governor Mark Carney has said in a speech during which he also revealed the central bank could open up access to its balance sheet to new payment providers.

NatWest introduces selfie-powered current account opening

/ai

NatWest introduces selfie-powered current account opening

NatWest customers can now open a current account within minutes on their phones simply by taking a selfie.

Banks falling behind in digital transformation efforts

/Artificial intelligence

Banks falling behind in digital transformation efforts

Despite investing more than $1trn globally in new technology over the last three years, the majority of banks have yet to see any financial boost from their digital transformation programmes.

/Artificial intelligence

Alipay's AI wealth tech platform adopted by China's asset managers

On June 20, 2019, Ant Fortune, Alipay’s wealth management platform, announced that 80 of all 124 asset management firms in China, or six out of ten, have been using the company’s AI-powered corporate Caifuhao accounts to reach more customers with better customized offers, at a lower cost.

Nordic banks to cut compliance staff in favour of robots

/Artificial intelligence

Nordic banks to cut compliance staff in favour of robots

Two of the Nordics' biggest banks, Nordea and Danske Bank, expect to significantly reduce the number of staff employed in its compliance and financial crime departments and instead turn to robotics and artificial intelligence.

Jointly developed AI systems can tackle common security issues - report

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Jointly developed AI systems can tackle common security issues - report

As movers and shakers from the European payments industry descend on Stockholm for EBAday, a new report from the Euro Banking Association (EBA) suggests that jointly developed AI systems hold great potential for tackling common security issues.

AI explainability and testing analytics

/Artificial intelligence

AI explainability and testing analytics

Mike Dewar, Head of AI/Analytics, Vocalink, a Mastercard Company, speaks at NextGen Banking London about why we need explainability, what it takes to achieve and create explainability, and what kind of responsibility FIs have to make their work transparent.

Tinkoff introduces Oleg the voice assistant

/ai

Tinkoff introduces Oleg the voice assistant

Russia's Tinkoff has unveiled Oleg, a "polite but also firm" voice assistant who can help customers with everything from transferring money to making restaurant reservations.

Addressing the regulatory concerns around AI

/Artificial intelligence

Addressing the regulatory concerns around AI

Monica Monaco, Founder, TrustEU Affairs, speaks at NextGenBanking London about how, as a tool, AI has many benefits in managing vast amounts of data but has the tendency to be bias and discrimatory, how the industry should address this and what the regulatory concerns are.

Managing AI at a business and enterprise level

/Artificial intelligence

Managing AI at a business and enterprise level

Jonathan Orritt, Data Scientist, Santander, speaks at NextGen Banking London about the impact of AI on Financial Services, how to manage AI at an enterprise level and business level, and what some of the ethical concerns we need to consider going forward.

Introducing Tinkoff's AI Projects

/Artificial intelligence

Introducing Tinkoff's AI Projects

Oliver Hughes, CEO of London-listed Tinkoff Bank, speaks at Money 20/20 about the new developments at Tinkoff, how they are using AI across their business lines, the areas of success they have seen so far and which trends we can expect to see evolve in this space.

Banco Sabadell invests in Active.AI

/ai

Banco Sabadell invests in Active.AI

Banco Sabadell's innovation hub InnoCells has joined a $3 million Series A follow-on funding round for Singapore-based artificial intelligence startup Active.AI.

ABN Amro takes stake in financial crime outfit Thetaray

/Artificial intelligence

ABN Amro takes stake in financial crime outfit Thetaray

ABN Amro's Digital Impact Fund has taken an undisclosed stake in Israeli Big Data analytics firm Thetaray.

/ai

US insurtech giant Lemonade lands in Germany

Lemonade launched its first European country today. Consumers in Germany can now get contents and liability insurance instantly, anytime, and from any device - and they can file claims and get paid in seconds.

/Artificial intelligence

Traydstream, Nokia and three banks team to pilot AI-based rules engine

Traydstream, the machine learning-based trade rules and compliance-checking platform, is excited by a new pilot partnership with Finnish multinational exporter, Nokia Corporation and several of its major advising banks.

Breaking the paradigm: Social benefits from banking

/Artificial intelligence

Breaking the paradigm: Social benefits from banking

Tom Hewson, Senior Partner, RedCompass, speaks about how banks are tackling low ROE and trying to cut costs while complying to regulation, what opportunities will come from these challenges, what tools are available for FIs who are getting lost in the fog of data and what this means for areas of banking that are less regulated.

HSBC ramps up artificial intelligence efforts with Element AI partnership

/ai

HSBC ramps up artificial intelligence efforts with Element AI partnership

HSBC is working with Canadian artificial intelligence firm Element AI to help analyse data from clients of its Global Banking and Markets (GMB) unit.

Developer Day at FusionONE stirs excitement among the users

/Artificial intelligence

Developer Day at FusionONE stirs excitement among the users

Finextra’s Hannah Wallace reports on day two of the FusionONE open banking developer conference to learn more about Finastra’s vision for the future of banking re-engineered upon APIs and open platforms. We gain exclusive insight from the developers into what's exciting them most about FusionFabric.cloud and how they are looking to innovate and create using the platform.

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