Investment

The House Financial Services Committee discussed allowing banks to experiment with artificial intelligence with a waiver from regulatory penalties, including consumer protection laws, in a hearing.

Banks are struggling to integrate artificial intelligence into their operations, and one of the major stumbling blocks is regulatory uncertainty. Supervisors need to set clear rules of the road as soon as possible.

The lawsuit alleges the fintech giant secured its own corporate data with strong MFA while leaving client systems vulnerable to compromise.

New rules means sellers and servicers will need to have plans demonstrating proper oversight of their artificial intelligence and machine learning practices.

By placing the JPMD deposit token on a public blockchain, the bank hopes to sell a combination of regulatory cover with speed and transparency for large institutional transactions.

The supersonic Concorde was one of aerospace technology's greatest achievements. However, its ultimate commercial failure should be a lesson for those pushing AI into banking. Advanced technologies often develop faster than consumers' ability to benefit from them.

While overall payments declined, the financial sector remained the top payer to cybercriminals, surpassing both health care and manufacturing.

More than 400,000 consumers may be affected after Marquis Software Solutions suffered a breach traced to a bug in SonicWall software disclosed last year.

Employees throughout the company can use generative AI to query data from sales calls, email, invoices and a host of other information sources. 

Circle's Dante Disparte and Block's Owen Jennings discuss how blockchain, crypto and AI can combine to open new lanes for international commerce. Payment experts say banks need to play catch up.