The Consumer Credit Stack Is Being Rebuilt in Real Time; OpenFX to Acquire Embed

Innovation

The Consumer Credit Stack Is Being Rebuilt in Real Time

With new enabling technologies like stablecoins and AI moving quickly and classic fintechs like Mint.com and Dwolla making their exits, it feels like fintech is entering a new era. This is especially true in lending, where new capabilities are enabling faster, more efficient, and in many cases more customer friendly tools than we had five years ago.

AI

Fintech startups are making "a bunch of AI slop" but it's okay

You'd be hard pressed to find a fintech, or indeed any startup, not using AI in any capacity. It has taken the industry by storm, whether you like it or not. This is both a good thing and a bad thing.

Wells Fargo CEO Weighs AI’s Dual Impact on Employment

Wells Fargo’s Charlie Scharf says the AI jobs debate is nuanced, as the bank uses Google Cloud to boost productivity while managing workforce impact

Napier AI Teams Up with Concentrix to Boost AML Compliance

The collaboration adds Napier AI’s compliance platform to Concentrix’s network of financial crime and regulatory technology capabilities, leveraging intelligent transformation, data, and operational excellence to enable companies to transform their fraud prevention and financial crime operations with banking-grade, AI-powered AML and sanctions screening capabilities.

The partnership will help companies detect and stop financial crime with greater accuracy and speed, reduce the risk of false negatives, lower the number and frequency of false positives, use automation and intelligent workflows to streamline compliance processes, and enhance regulatory reporting and audit readiness.

Digital Finance

Growth Multiplies Risk In Fintech

Every transaction is a promise the system has to keep.

As transaction volume grows and more services depend on each other, keeping those promises becomes more complicated. Failures spread further. More payments are affected. More customers feel the impacts.

Cryptocurrencies

Mastercard rolls out support for stablecoin settlement

Mastercard is rolling out settlement support for a range of US stablecoins operating across multiple blockchain platforms.

Payments

OpenFX to acquire Amsterdam-based payments house Embed

Foreign exchange infrastructure company OpenFX is to acquire Dutch payment processor Embed, marking its first regulated presence in the European Economic Area and the United Kingdom

Security

WALLETTO Taps AMLYZE to Advance AML Compliance

Financial crime innovator AMLYZE announced this week that fellow Lithuanian company WALLETTO has selected it to strengthen its anti-money laundering (AML) and counter-financial terrorism (CFT) capabilities.

Technology

ING expands Wero payments to online shopping in Germany

Dutch bank ING is to expand support for the Wero payments scheme to include online payments for its 10 million customers in Germany.