In today’s top payments news, the Indian government has taken control of Yes Bank as it creates a bailout plan for the bank, and JPMorgan CEO Jamie Dimon is recovering from emergency heart surgery. Also, fears over the coronavirus could cost the airline industry more than $113 billion.
The Indian government has seized control of Yes Bank as it organizes a bailout plan for its fourth-largest private bank, which has been struggling to offset a surge in bad loans. The Reserve Bank of India is also placing temporarily limits on how much depositors can withdraw.
JPMorgan CEO Jamie Dimon is recovering from emergency heart surgery this week, the company said. Co-presidents Daniel Pinto and Gordon Smith will be running things while he recovers.
The airline industry stands to lose more than $113 billion in revenue this year due to the drop in travel caused by coronavirus fears. This estimate is four times more than the prediction for losses two weeks ago.
T-Mobile suffered a data breach that exposed the personal information of employees and customers to unknown hackers. The company didn’t reveal how many people were affected, but said financial information like credit cards and Social Security numbers were not affected.
Financial institutions actively using artificial intelligence (AI) has increased by nearly 70 percent in the last two years, but legacy systems remain far more prevalent. Only 10 percent of banks report using AI. In the Unlocking AI Playbook: FI Edition, PYMNTS surveyed 150 U.S. bank executives to better understand what it will take for the banking sector to realize its full potential.
The speed of payments is no longer enough to convince clients to integrate with a new real-time payments rail, says The Clearing House Senior Vice President of Products and Strategy Steve Ledford. In this month’s Faster Payments Tracker, Ledford explains how features such as “request to pay” can help boost FI interest and, in turn, that of their corporate clients.
As the coronavirus spreads, so does another virus of sorts: financial fraud. The best offense, they say, is defense — and the best defense in doing battle with viruses and villains comes in the form of data. In an interview with Karen Webster, Yinglian Xie, CEO and co-founder of DataVisor, said artificial intelligence can help navigate what is, these days, uncharted territory.