Category: Doing Business Overseas
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CFPB tees up AI-based underwriting and adverse action notices
The Consumer Financial Protection Bureau is putting artificial intelligence-based (AI) underwriting models under the microscope as more lenders and banks rely on complex algorithms in the credit-decisioning process. Specifically, the Bureau wants to ensure that lenders using AI or machine learning (ML) to underwrite loans are able to issue adverse action notices required under the Equal…
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Citigroup plans to hire 4,000 tech staff to tap into ‘digital explosion’
Citigroup Inc. plans to hire more than 4,000 tech staff to help move its institutional clients online in the wake of the pandemic. Photo by Bloomberg Mercury More than 1,000 of the recruits will join the markets technology team as part of an aggressive growth strategy, Jonathan Lofthouse, head of markets and enterprise risk technology,…
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Aiia Launches New Payment Feature, Pay By Link
Finovate newcomer Aiia launched its new payment technology, Pay by Link. The new offering empowers businesses to make payments using a wide variety of common communication channels including email, PDF, SMS, and chat. Aiia was acquired by Mastercard in the fall of 2021. Leading Northern European open banking platform Aiia unveiled its new payment feature,…
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Democratic Candidate for Congress to Begin Accepting Crypto Donations
The Lafazan for Congress campaign has announced that they will begin to accept crypto campaign donations in the coming weeks. In a recent op-ed, Nassau County Legislator and Democratic candidate for Congress in NY-3, Josh Lafazan made the argument that introducing cryptocurrency for financial transactions is the future for Nassau County. “Blockchain technology is an…
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MeasureOne Brings Consumer-Permissioned Data to The $1.2Trillion Insurance Market
MeasureOne has introduced its consumer-permissioned insurance data to the $1.2trillion insurance market, enabling access to and sharing and verification of auto and homeowners insurance. With the addition of the insurance domain, the consumer-permissioned data platform has announced its intention to expand its services to cover home and auto insurance data. The company provides businesses with access to…
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The Benefits of QR Code Payments With Qolo, NMI, Episode Six and More
It is very easy for many who are new to the fintech space to think that financial technology is an exclusive term for payments technology, and while there is some truth to this, it does not tell the entire story about fintech. However, in June, The Fintech Times is looking to indulge this belief as…
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Islamic Finance Market to Grow by 10% in 2022-2023 Predicts S&P Global Ratings
S&P Global Ratings believes the global Islamic finance industry is still held back by structural constraints but there are also new opportunities for growth, according to a new report. “This year, we think higher commodities prices will underpin a stronger recovery in many core Islamic finance markets. Moreover, most of these countries are relatively resilient…
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‘How Are People Getting Paid?’ With Vitesse, PayQuicker, Income Group, and Netguru
It is very easy for many who are new to the fintech space to think that financial technology is an exclusive term for payments technology, and while there is some truth to this, it does not tell the entire story about fintech. However, in June, The Fintech Times is looking to indulge this belief as…
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How Artificial Intelligence is Helping Financial Firms in the Fight Against Fraud
Banks and financial institutions are increasingly utilising artificial intelligence (AI) technology for a plethora of reasons, such as credit scoring to assess a borrower’s risk more accurately or for enhancing customer service with virtual assistants. But one of the most important use cases of AI is in the fight against fraud and money laundering. Onfido’s…
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UK proposes measures to protect against the collapse of systemic “digital settlement assets”
In the aftermath of the recent collapse of TerraUSD, a prominent USD-pegged “stablecoin”, the UK government is consulting on new measures to bring systemic “digital settlement asset” firms within the special administration regime applicable to traditional systemic payment systems. The proposals raise a number of questions, particularly in relation to scope and objectives. Stakeholders have…