Welcome to Five at Five, your late look at some of the payments and commerce news you might have missed. Today’s stories include a look at Mastercard’s new commercial payments deal, and a fresh look at spending trends for augmented and virtual reality. A new, heavyweight group is looking at the moral and ethical implications of AI, while a new product launch highlights the issue of privacy and data security in connected vehicles. And there is a new financial services partnership in Europe.
With Mastercard’s commercial payment solutions and Stargo’s price optimization engine, freight companies can benefit from a more efficient procure-to-pay process, Mastercard said at Money20/20 Europe.
Overall, the market for AR and VR products and services is expected to reach a five-year compound annual growth rate (CAGR) of 72 percent for the years 2017 to 2022.
Bank of America and Harvard University have collaborated on a new initiative designed to make the complex technologies behind artificial intelligence and machine learning more universally beneficial and accessible to the global workforce. The mission of the newly formed Council on the Responsible Use of Artificial Intelligence is to address issues of policy and ethics.
When a driver takes delivery of a new car, the relationship with the manufacturer is only getting started. That’s because data generated by the car flows to the manufacturer, which accumulates the information and analyzes it, using those findings to improve future models.
With a partnership between TransferWise and Groupe BPCE, customers of the European banking group will be able to use TransferWise’s international money transfer service directly through the company’s app. In addition, TransferWise will have access to the banking group’s 15 million retail clients.