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Australia Finds No ‘Clear Public Interest’ for Retail CBDC
If Australia creates a digital currency, it will likely be the wholesale, not retail, variety. That’s according to a report issued Wednesday (Sept. 18) by the country’s central bank, arguing that “a clear public interest case” for issuing a retail central bank digital currency (CBDC) in Australia has yet to be found.
US Targets ‘Malicious’ AI Use at November Safety Summit
The U.S. will host a multi-national summit in November to discuss safe AI development. U.S. Commerce Secretary Gina Raimondo told The Associated Press (AP) Wednesday (Sept. 18) that this will be the “first get-down-to-work meeting” following gatherings in the U.K. and South Korea to discuss the possible dangers posed by artificial intelligence (AI).
Synchrony’s CareCredit Credit Card Now Accepted at Albertsons Cos. Stores
Synchrony’s CareCredit health and wellness credit card is now accepted for select items in nearly 2,200 Albertsons, Safeway, Vons, ACME, Shaw’s and Jewel-Osco stores. A new collaboration of Synchrony and food and drug retailer Albertsons Companies allows the card to be used for select health and wellness products at these stores, the companies said in a Wednesday (Sept. 18) press release emailed to PYMNTS.
JPMorgan Aims to Expand in Africa and Scandinavia
America’s largest bank is increasing its expansion efforts outside the U.S. J.P. Morgan Chase is hiring bankers in cities like Stockholm and Copenhagen to expand its Nordic business and take on European banks, officials from the lender told Bloomberg News in an interview Wednesday (Sept. 18). And a report...
One Size Fits All Misses the Digital Payments Mark
Ask 10 people what the concept and execution of “digital engagement” mean, and you’ll get 10 different answers. For Serena Smith, chief client officer of i2c, it means digital-first customer engagement. Individuals and companies around the globe demand digitally issued cards and payments choice, and in turn,...
Check Still in the Mail? Digital Payments Bring Business Payments Up to Speed
We are nearly 25 years into the 21st century. For businesses, the shift from traditional, analog methods to seamless, digital-first payment processes should have happened long ago. “Almost half of B2B payments are still made via check, which blows my mind in terms of the technology that exists now,” Rebecca...
66% of US Consumers Prefer Self-Service Kiosks Over Staffed Checkouts
In today’s retail environment, unattended payment technologies are revolutionizing the way transactions are processed. Once considered a convenience, these systems are now integral to enhancing customer experience and operational efficiency. A PYMNTS Intelligence report, “Unattended: The Payments Technology Shifting the Future of Commerce,” in collaboration with Discover Global Network,...
Zuora CEO Warns of ‘Subscription Sophistication’ Gap as Market Matures
When Tien Tzuo coined the term “subscription economy” in 2007, he envisioned a future where consumers would prioritize access over ownership. As the CEO of subscription management platform Zuora, Tzuo has been at the forefront of this economic shift for nearly two decades. Today, as the subscription model reaches maturity, companies are grappling with evolving consumer expectations, the specter of subscription fatigue, and the need for more sophisticated monetization strategies.
Digital Platforms Promise Real-Time Fix for Loan Market’s Fax Problem
For every fragmented ecosystem, there’s a digital innovation being built and scaled to streamline it. The global syndicated loan market, a $7 trillion-plus industry where loans are extended by multiple lenders to a single borrower, is no different. These loans, often ranging from millions to billions of dollars, are too large for any one lender to handle alone. Instead, various financial institutions — banks, funds and other entities — join to pool their resources and share the risk.
Japan Considers Loosening Crypto Rules as Companies Launch Blockchain Initiatives
Japan is reportedly considering whether to loosen its rules for the crypto industry. This consideration is being driven in part by a growing number of Japanese firms that are exploring blockchain-related initiatives, Bloomberg reported Tuesday (Sept. 17). Prime Minister Fumio Kishida has prioritized Web3, but his tenure is nearing an...
Microsoft-Backed Partnership Aims to Raise $100 Billion for AI Infrastructure
A new artificial intelligence (AI) partnership that includes Microsoft and BlackRock aims to mobilize up to $100 billion in total investment potential for data centers and sources of power for those facilities. The Global AI Infrastructure Investment Partnership (GAIIP) includes Microsoft; BlackRock; Global Infrastructure Partners (GIP), which is an infrastructure...
FDIC’s New Merger Guidelines Heighten Focus on Bank Sector’s ‘Stability’
For the banks, the urge to merge may get held up by regulators — who’d formerly been using decades-old guidelines by which to judge the merits of those deals. And to steal a line from Prince (at least a bit): No one’s going to party like it’s 1995.
SEC and Prager Metis Settle Charges Related to FTX Audits
The Securities and Exchange Commission (SEC) has announced a settlement with audit firm Prager Metis that includes charges related to the firm’s audits of FTX. The settlement resolves two actions, including SEC allegations about the firm’s audits of the now-bankrupt cryptocurrency exchange and auditor independence violations, the SEC said in a Tuesday (Sept. 17) press release.
What to Know About Rule 1033 as Open Banking Continues to Evolve
Open banking — relatively well-entrenched in Europe, nascent here in the United States — is taking shape largely by directive, through regulations and standards that give a roadmap to how financial data is permissioned by consumers and shared with financial services providers. At the center of it all...
Capchase and Stripe Partner on B2B BNPL in US
Capchase and Stripe have partnered to offer a B2B buy now, pay later (BNPL) payment method in the United States. With this partnership, Capchase’s B2B BNPL for Software-as-a-Service (SaaS) firms is available within Stripe’s financial infrastructure platform for businesses, Capchase said in a Tuesday (Sept. 17) press release.
Brazil to Bar Use of Credit Cards in Online Gambling
Online gambling companies reportedly will be prevented from operating in Brazil if they haven’t requested authorization to do so. The potential suspensions announced by Brazil’s Finance Ministry will begin Oct. 1 as part of the country’s tightening of online gambling rules, Bloomberg reported Tuesday (Sept. 17). The...
Experts Expect Limited Competition in Generative AI Industry
New research suggests tech giants may gain an edge in generative artificial intelligence (AI), raising questions about the industry’s competitive future. According to a recent paper, massive computational requirements and network effects naturally lead to market concentration. This consolidation may result in a few key players wielding outsized influence over pricing, data control and AI capabilities. It’s a trend that worries many in the industry.
Invoice Invasion: Defending the Finance Department From Hidden Fraud Risks
Businesses can’t grow without getting paid, and businesses won’t get paid without an invoice. But fraudsters have taken notice, capitalizing on the fact that the invoice, whether it’s digital or paper, represents one of a company’s most attractive attack surfaces. Against this backdrop, invoice fraud is...
The Linz Shop Aims to Stand Out From D2C Herd With Its Heritage, Storytelling
Company officials at The Linz Shop hope to redefine premium beef delivery by leveraging their history and storytelling. As a fourth-generation family-owned business, the company is transforming its story into a direct-to-consumer powerhouse. By integrating its historical roots with modern eCommerce strategies, The Linz Shop is making a name for...
FDA OKs Software That Turns AirPods Pro Into a Hearing Aid
The U.S. Food and Drug Administration (FDA) has approved the Hearing Aid Feature (HAF), an over-the-counter (OTC) software that turns Apple AirPods Pro into a hearing aid for those with mild to moderate hearing loss. The HAF is the first FDA-authorized over-the-counter hearing aid software. With this software, users can...
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