Technology

The Visa Tokenized Asset Platform will allow banks to "mint, burn and transfer" tokens as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.

The European legislation prohibits or curtails what it deems to be risky usage of artificial intelligence. Banks will be caught in its net if they provide or deploy such AI systems in the EU.

The U.S. card brands plan to acquire European firms for security and subscription payments, while Bank of America seeks new markets for its virtual B2B business and JPMorgan Chase's blockchain unit gains ground.

Many people are jumping on the AI bandwagon without asking the most basic questions. FICO Chief Analytics Officer Scott Zoldi, who holds a Ph.D. in theoretical and computational physics from Duke University, has been in the business long enough to see the warning signs.

The state's ill-conceived law banning interchange fees on sales tax and gratuities will be burdensome and expensive to implement and could portend a patchwork of state-level copycat legislation that would balkanize the payments system.

Password requirements are often needlessly complex, according to the standards-setting body, which has proposed rules for government agencies.

Federal Reserve Gov. Lisa Cook called for weighing the costs and benefits of artificial intelligence, and flagged bias and fraud as areas of concern.

The bill would have forced several restrictions on the largest AI model providers, including a so-called "kill switch." A new version could restrict the riskiest uses of AI, such as for loan and hiring decisions.

Instant payment adoption in the U.S. is growing but still trails countries such as Brazil and India. Generative artificial intelligence could be the key to help financial institutions accelerate payment velocity.

The National Community Reinvestment Coalition and four fintechs want the agencies to act on the White House's executive order on artificial intelligence.