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Top News In Payments: UK Regulators’ Data Violation Fines Top $126M; Google CEO Calls For AI Governance

PYMNTS Top News in Payments

In today’s top payments news, U.K. regulators have levied $126 million in fines for data violations since mid-2018, Google CEO Sundar Pichai calls for international cooperation in artificial intelligence (AI) governance and U.K. open banking startup Tink raises €90 million in a funding round.

UK Regulators’ Data Violations Fines Top $126.5M

Regulators in the U.K. have levied €114 million ($126 million) in fines for data violations since instituting stronger privacy mandates in mid-2018. France issued the largest single violation against one firm, fining Google €50 million.

Google CEO Calls For AI Governance

Google and Alphabet CEO Sundar Pichai wrote about the importance of government oversight of artificial intelligence (AI) technology in a Sunday opinion column in the Financial Times. He said he believes international cooperation for oversight is vital in order to impose workable global standards.

UK Open Banking Startup Tink Closes €90M Funding Deal

U.K. open banking platform Tink raised €90 million for pan-European expansion and new product development. This new investment, co-led by Dawn Capital, HMI Capital and Insight Partners, is Tink’s biggest funding to date.

Lawmakers Eye Alternatives To Renter Security Deposits

U.S. lawmakers are considering legislation to replace cash-upfront security deposits with insurance policies. The current security deposit structure adversely affects renters of lesser financial means and takes away large amounts of residents’ money that could be used to stimulate local economies.

Visa’s Chief Risk Officer On Securing Commerce In The 2020s

At Visa, according to EVP and CRO Paul Fabara, every conversation starts and ends with a single overriding question: “Is it secure?” Fabara spoke with Karen Webster about the importance of going on the offensive to fight fraudsters and using sophisticated tech to find them well before they are ready to be found.

Clover Food Lab’s Secret Sauce To Boosting Mobile Ordering

Smaller quick-service restaurants (QSRs) cannot afford not to innovate — despite the fear of losing human interaction to digital. In the latest Order To Eat Tracker, Ayr Muir, CEO of Boston-based Clover Food Labs, discusses how personalizing the digital experience through its app and self-serve kiosks has helped retain person-to-person engagement while increasing mobile ordering by 32 percent.

Banks’ Earnings Show Digital Traction Amid Buoyant Consumer Spending

Big banks reported earnings last week, and PYMNTS drew out the common themes among them, including strong U.S. consumer spending, increased use of digital conduits, and the success of traditional investment activities.

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New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.

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