Stablecoins' foray into the financial system
Lawmakers are paving the way for innovation and regulatory guidelines in the stablecoin space with recent pro-crypto legislation expected to be in place by late summer. Growing adoption of the technology in areas such as cross-border payments and treasury operations highlights its potential to bridge the gap between traditional finance and blockchain-based solutions. Forbes has the details.
Modern Payments Infrastructure: 1 Platform, 1 API, All Channels
Alogent's 6-page PDF explores the benefits of new tech stacks for deposits automation, including microservices. Read about transaction processing, dockers, containers, APIs, and payment infrastructure modernization.
— Alogent
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A payments scam intelligence network
A Federal Reserve-backed working group has proposed creating an independent information-sharing network to combat scams across payment systems. This framework would provide real-time scam intelligence, enabling financial institutions to identify emerging threats, share insights, and develop more effective fraud prevention strategies. Finextra has the details.
Open banking and RT account validation
Advancements in account validation, driven by real-time data and open banking, are transforming the financial landscape. By leveraging consumer-permissioned data and tools like instant account validation, banks can elevate the customer experience, enhance fraud detection, and improve risk assessment. Get the details at PYMNTS.
Fintechs branch out to full-service banking
The line between fintechs and traditional banks is blurring as neobanks increasingly seek to obtain bank charters or acquire existing banks, reports Reuters. Fintech lending firm SmartBiz has acquired Chicago-based community bank Centrust Bank, and transitions into a full-fledged bank to offer a more comprehensive range of financial services tailored to small businesses. Banking Dive has more details.
Dynamic AI email marketing for FIs
Fintech marketing firm Persado has introduced an AI-powered marketing solution tailored for financial institutions. Persado Dynamic Email utilizes the "Motivation AI" platform to craft and optimize high-impact marketing content using advanced machine learning to enhance customer engagement, reports ATM Marketplace.
Banking innovation hub
Global banking software provider Temenos is launching an innovation hub in Central Florida to create a dedicated space for collaboration between industry experts, developers, and financial institutions. The hub will accelerate the development and implementation of advanced solutions, such as Generative AI, to meet U.S.-specific banking needs and ensure that innovation is closely aligned with industry demands and consumer expectations. The Paypers has the details.
Fraud tactics and defenses
The Commodity Futures Trading Commission (CFTC) has issued a warning about how generative AI is increasingly being leveraged by fraudsters to create highly convincing scams, reports Finextra. These sophisticated tactics highlight the need for advanced threat detection and continuous education to mitigate risks and protect financial institutions (and their customers) from evolving threats. Discover's CISO shares his insights in a recent Help Net Security interview.
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On the lighter side...
In a timely March Madness-themed commercial, NBA star Charles Barkley arrives at a Capital One bank branch with Samuel L Jackson and Spike Lee. A bank employee standing outside the branch next to a basketball hoop notes that Barkley loves making a 'bank shot' before it opens. Watch what happens when "Sir Charles" takes his shot.
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See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.
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