Large language models: How they help fintechs
ChatGPT, nearing 200 million users, uses Large Language Models to streamline tasks and improve efficiency in industries like fintech, enhancing customer support and fraud detection.
ChatGPT, nearing 200 million users, uses Large Language Models to streamline tasks and improve efficiency in industries like fintech, enhancing customer support and fraud detection.
In 2023, the UK government committed £100 million and 400 new fraud officers to reduce fraud by 10% by 2025, amid increasing social media and deepfake scams, according to IDnow’s UK Fraud Awareness Report.
Initial assessments of the FCA’s Consumer Duty show that while financial firms have made positive strides in improving practices for consumer outcomes, further improvements and deeper integrations are necessary.
As real-time payment adoption grows, 50% of European firms are already involved, with another 42% planning to join, highlighting the balance of challenges and benefits in managing financial crime.
PSPs must enhance their end-to-end reconciliations to deliver seamless, efficient payment services and stay competitive in the rapidly evolving fintech landscape
Conversations around a digital pound are growing louder as the weeks roll by. With use cases popping up around the globe, is it time Britain followed suit? In a similar fashion to the way coins largely made way for banknotes, digital currency is the next natural progression in the evolution of money, whether consumers like the idea of it or not.
AI has been a hot topic in the financial services sector for some time and the topic keeps gathering momentum. It is clear, AI has many potential use cases, such as: helping firms scale up their business; making better informed strategic business decisions; and supporting the efficient and effective delivery of regulatory compliance to name just a few potential use cases.
In an era where customer focus, innovation, and the challenge of profitable growth take center stage, the payments industry faces a pivotal transformation, signalling the end of ‘easy growth’ for traditional giants
Fintech company Unlimit has announced its entry into the Tanzanian market and received the Bank of Tanzania (“BOT”) licence, marking another significant step in its regional expansion. The BOT’s approval
Leaders of companies operating in the payment technology landscape are well-accustomed to the challenges of complex regulations set by various governing bodies. Whether the companies are established financial institutions or agile fintech start-ups, navigating this terrain requires much effort.
In recent years, the global financial landscape has undergone a notable transformation, characterised by a discernible decline in correspondent banking relationships. Several different factors highlight this shift, each contributing to
Financial inclusion, as defined by the World Bank, is crucial for economic development and social progress, ensuring equal access to financial products and services tailored to the needs of both individuals and businesses. The United Nations emphasises financial inclusion as a crucial driver of economic and social development, evident in its inclusion as component eight of the 17 Sustainable Development Goals for 2030.
In an increasingly interconnected world, global commerce has become the lifeblood of the modern economy. Businesses of all sizes are expanding their reach beyond borders, opening up new opportunities and markets. However, the traditional financial systems have often lagged behind the speed and efficiency demanded by the globalised marketplace. Enter cross-border real-time payments—a concept that is reshaping international trade by breaking down barriers and providing a boost to global commerce.
Since 2019, the UK’s banking sector has been refunding customers who become victims of authorised push payment (APP) scams, causing heated debate among industry professionals who believe the responsibility should lie elsewhere.
This year, rules laid out by the Payment Systems Regulator (PSR) in 2023 will come into force. The rules stipulate that both the sending and receiving firms should hold equal liability when reimbursing fraud victims in most cases. The rules have received widespread criticism from insiders and industry bodies alike. UK Finance has hit out at the PSR’s rules, which avoid the mention of Big Tech in the conversation.
HSBC’s January launch of Zing, an e-money institution and standalone money transfer app, is something of a strategic departure for the global banking behemoth for a number of reasons.
What it may imply for the bank strategically and what it signals for the future of international money transfers, fees, and product development are all valid questions. The true motivations behind the launch are likely more nuanced than may seem likely at first glance or that the bank may have you believe.
In 2021, the Financial Conduct Authority (FCA) Business Plan made clear its intent to apply a more intensive assessment with greater scrutiny of financial information and business models. This is being particularly felt in the payments space.
There is an increasing need for enhanced data sharing in the payments industry to combat the rising threat of financial crime, specifically money laundering and online-enabled fraud.
Andrew Novoselsky, Chief Product Officer at SumSub explores why Payment fraud poses a substantial challenge to the payments industry, and why its severity is anticipated to escalate in the coming years.
As the pace and scope of cross-border payments continue to accelerate, it’s becoming increasingly clear that the payment industry’s approach to compliance must also evolve—and take centre stage.
Artificial intelligence’s impact on the payments landscape is nothing short of transformative – from personalised customer experiences and seamless cross-border transactions to enhanced security and prompt fraud detection, AI-driven innovations
Napoleon understood the importance of resilient supply chains as his Grande Armée spread across Europe. Today, payment firms are being told to improve the resilience of their operations by overseeing
Despite the advancement of financial technology and payments, large portions of SMEs still face difficulties when it comes to transacting across borders. As a result of this, there are more
The financial world is rapidly evolving, driven by changing consumer needs and technological advancements. The Buy Now, Pay Later (BNPL) sector is experiencing a remarkable rise in Europe and is
Banks and finserv companies have a significant task in 2024 when it comes to building and retaining consumer trust. This is concerning news because it’s easier than ever for customers to switch banking providers.
Traditional finance is at a crossroads with the new digital frontier, and the rapidly evolving landscape of digital assets demands innovative custodial solutions. For banks, payment service providers, financial institutions and others that are either considering or already piloting digital asset projects, it’s imperative to understand the importance of an underlying custody infrastructure.
Disability has the potential to impact anyone in society. It can be visible or hidden, temporary, or permanent, and can be influenced by a number of factors. More than one billion people around the world have some level of disability, equating to roughly 15% of the global population. At the same time, the world is ageing as people live longer, and the number of people aged 60 and over will double to 2.1 billion by 2050.
The payments sector’s success and growth over the past decade can largely be attributed to firms’ ability to meet and exceed customer’s expectations. Unlike established banks, fintechs are largely free from the legacy tech stacks that slow down banks from modernising. So Payment Service Providers (PSPs) can anticipate customer needs and provide services that address their problems. However, as new PSPs continue to emerge, the landscape is becoming increasingly competitive. So PSPs have to meet changing customer expectations more quickly.
How regulatory reforms and increased capital can drive UK fintech expansion One of the first questions any fintech founder or investor asks is how it will be regulated. Regulation affects
The ongoing digitisation of payments can perpetuate a false narrative that traditional payment cards are becoming obsolete. The reality is that card payments are thriving globally, adapting to the new age of fintech and smartphones. While the landscape of financial transactions is ever-changing, the truth is that one size does not fit all – and different markets have different payment requirements.
Open banking unlocks customer data, driving competition and innovation while reshaping the financial landscape for a more inclusive future. Open banking, a revolutionary concept in the financial industry, has reshaped
In a decisive move to fortify the financial sector against the ever-evolving threat of authorised push payment (APP) scams, the recent policy statement PS23/4, issued in December 2023 by the
The 2024 Veriff Fraud Report is compiled after extensive analysis of our global customer data throughout 2023. This data shows the real story of what it’s like on the frontline
2024 will herald much innovation in the payments world, with digital currencies and digital wallets firmly entering the mainstream and grabbing the lion’s share of headlines. However, UNITE Global – a new entrant currently flying somewhat under the radar – could enjoy one of the most impactful debuts for many years to shape the future of a critical payments marketplace.
As the digital landscape continues to evolve at an unprecedented pace, the payments industry finds itself standing at the intersection of innovation and transformation.
On 30 October 2023, HM Treasury (HMT) issued its long-awaited policy document on the regulation of fiat-backed stablecoins in the UK. Framed as “Phase 1” of the UK’s approach to cryptoasset regulation, HMT’s paper was quickly followed by discussion papers from the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (BOE) on the future regulatory approach to such stablecoins.
Although there are a number of steps to go before the stablecoin regime comes into effect (with implementation anticipated in 2025), the 2023 papers give helpful insights into the direction of the new regime.
The year 2023 was significant for ESG in finance. As COP 28 brought the year to a close, The Payment Association’s ESG Working Group look ahead to key themes likely to dominate the payments ESG agenda in 2024.
Software as a service (SaaS) has sparked a paradigm shift in the corporate domain in the past five years, revolutionising pivotal industries like finance, transactions, and insurance.
As 2023 draws to a close, it’s time for us to take a moment to reflect on the past year and celebrate the accomplishments of our team at Salt Edge.
Going back in time, during the Ethereum period, when we first embraced the smart-contract blockchains, all the operations that go into mining and validating a transaction, like data availability, consensus, execution
Blockchains have created a narrative that they are an underlying technology that powers cryptocurrencies that challenge the traditional financial system. However, in reality, blockchain is way more than that, with a
Despite significant advancements in artificial intelligence and machine learning for profiling customers, a crucial issue remains among industry bodies: the lack of effective information sharing.
A lot has gone on in the payments sector in the last 12 months, but have you been paying attention? There’s only one way to find out, we’ve devised a quiz to test your mettle below.
Plenty has happened in the payments space over the past 12 months. Landmark legislation has been passed and new technologies such as artificial intelligence (AI) have integrated themselves further, irreversibly changing the way transactions will be made. As the year draws to a close, we take a look at other triumphs and challenges faced by the industry in the past 12 months.
The UK and EU payments sectors continued to draw increasing regulatory scrutiny throughout 2023. Indeed, the need to deliver compliance with new regimes, such as the consumer duty in the UK, required a great deal of firm’s attention and resources throughout the year.
In recent years, the UK has been keen on positioning itself as a global crypto asset hub, however it’s currently facing critical obstacles which are hindering its effort.
While there is efforts by the BRICS countries to reduce their dependency on the US dollar as the global reserve, experts cast doubt whether the process of de-dollarisation could actually be help ease payment friction.
Christien Ackroyd explains how the ethical grade concept works, covering best practices, benefits, and which banks are getting it right.
As the UK continues to try and place itself as a leader in the payments industry and fintech, maintaining a degree of pace, security and efficiency must remain a priority.
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