For Michael J. Hsu, the acting U.S. Comptroller of the Currency, the potential benefits of using widespread artificial intelligence (AI) in banking “are significant.” But so too are the risks, he said Friday (June 16) in a speech at the American Bankers Association’s Risk and...
Today’s new digital operating environment is ripe with opportunities for payment innovations. It is also rife with pitfalls due to the incumbent operators and the emergent innovators increasingly finding themselves facing a uniquely 21st-century quandary. Either they can make transactions as easy and seamless as...
Beginning next week, bidders will get the chance to purchase Silicon Valley Bank’s German business. The Federal Deposit Insurance Corp. (FDIC) is set to open a data room on June 20 to qualified bidders for the bank’s $460 million German asset portfolio, according to a sales announcement from the...
Payment platform dLocal says it is investing heavily in Argentina. The company plans to invest $100 million in that country, while hiring 400 new workers in the near and medium term, according to a Thursday (June 15) press release. Per the release, dLocal met with...
A quartet of Senate Democrats want Venmo and Cash App to offer better fraud protection. The four senators — Sherrod Brown of Ohio, Elizabeth Warren of Massachusetts, Jack Reed of Rhode Island and Bob Menendez of New Jersey — wrote to the two companies Thursday...
Following bullish remarks on artificial intelligence (AI) by Farfetch CEO José Neves during the luxury retailer’s first-quarter 2023 earnings report, Maison Valentino is set to introduce a virtual try-on (VTO) experience for its ready-to-wear collection. The feature will be powered by Wanna, an augmented reality...
When it comes to generative artificial intelligence (AI), it isn’t the sky that is falling. It’s the operational landscape that’s being reshaped. That’s because AI doesn’t replace labor, according to some business leaders; it transforms how work is organized — and the technology already provides...
As consumers step up their engagement with online grocery channels, they have a lot of different options to choose from, ranging from third-party marketplaces to brick-and-mortar grocers’ direct digital channels to digitally native eGrocers. Among all these options, PYMNTS research suggests, grocers’ curbside delivery businesses...
Regulators have grown uneasy about the risk that the cloud poses to the financial system. That’s according to a Thursday (June 15) opinion piece by Gillian Tett of the Financial Times (FT). The piece cited a May U.S. Treasury report that found that 90% of...
