Top News In Payments: Apple Buys AI Firm For $200M; $500M Debt Rescue Plan Considered For Taxi Drivers

In today’s top payments news, Apple buys artificial intelligence (AI) firm Xnor for $200 million, a panel in New York City is seeking a $500 million bailout for debt-burdened taxi drivers and Google modifies its search function to make finding and comparing apparel easier.

Apple Makes $200M Acquisition In Race For AI Dominance

Apple bought AI firm Xnor for $200 million, edging out Microsoft, Amazon and Intel for the 2-year-old Seattle-based firm that makes smart devices smarter by running machine learning technologies on edge devices.

$500M Rescue Plan Considered For Debt-Burdened Taxi Drivers

A New York City-appointed panel is seeking a $500 million bailout to help taxi drivers trapped in debt from buying medallions, city-issued permits required to own cabs. State and city leaders are planning to announce legislation on Friday, Jan. 17, that would relieve medallion owners from tax liability for debt forgiveness.

Google Improves Search To Make Apparel Easier To Buy

Google updated its search function to make it easier to find and compare clothing items and accessories. The service aggregates products from all over the internet and can be filtered by department, style, size type.

Fed Study: Wholesale Payments Vulnerable In Bank Cyberattack

Financial services firms are experiencing more than 300 times the number of cyberattacks than other types of firms. A new report from the New York Federal Reserve details the dangers of cyberattacks, particularly among banks and wholesale payments.

New Data: 75 Pct. Of SMBs Say Slow Settlement Creates Cash Flow Crises

Three-quarters of small businesses say they are unable to access funds from sales quickly enough, which can cause a cascade of problems, from delaying vendor payments to missing payroll. In the Small Business Guide To Rapid Settlement Report, PYMNTS surveyed nearly 500 firms to find out how business owners can tackle these challenges — and get their hands on their hard-earned money sooner.

How AI Helps Marketplaces Fight Off-Platform Fraud

Fraud threats in industries such as advertising and the sharing economy are growing, and victims often blame the marketplaces and publishing sites for not better protecting them. In this month’s Fraud Decisioning Playbook, Jon Gray, CEO of RV rental platform RVshare, explains how marketplaces can train AI and machine learning (ML) tools to block suspicious listings — such as those including phone numbers.

In The UK (And Beyond), Taming The Crypto Wild West Through Regulation

The European Union’s 5th Anti-Money Laundering Directive came into effect on Jan. 10, requiring the 28 member states of the EU to regulate cryptocurrency assets with the same regulations that govern banks and other financial firms. The Financial Conduct Authority’s action to take on overseeing crypto assets can be seen as an attempt to bring a little law and order to the setting.