Technology

The use cases are growing and banks don't want to risk being left behind, especially with younger customers who are more open to the technology.

While companies tend to amp up warnings to consumers about fraud and scams during the holidays, institutions may also need to bulk up their defenses.

While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.

The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.

The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.

The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.

The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.

Acting Comptroller of the Currency Michael Hsu said that while artificial intelligence is a potentially transformative technology, regulators should be wary of waiving liability for its use in banking.

Sen. Mike Rounds, Rep. French Hill and former FDIC Chair Jelena McWilliams were among the speakers Tuesday at the American Fintech Council's Policy Summit.

The payment company is using its Xoom transfer app to bring PYUSD to a broader market; while Barclays is reportedly in talks with Brookfield Asset Management to sell a portion of its payments business. That and more in our global payments news roundup.