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AI Explained: AI Alignment
As artificial intelligence systems grow increasingly powerful and ubiquitous, a critical challenge has emerged: ensuring these systems behave in beneficial ways that align with human values. This challenge, known as “AI alignment,” has become a focal point for researchers, tech companies and policymakers grappling with the far-reaching implications of advanced AI.
85% of Retailers See Rise in Online Card-Linked Pay Later Plans
With buy now, pay later (BNPL) plans becoming increasingly accepted across merchant sectors, retailers are proving to be the payment method’s biggest champion. A PYMNTS Intelligence report, “Merchants’ Evolving Perspective on the Value of Card-Linked Pay Later Plans,” created in collaboration with Splitit, drew from a survey of 100 merchants with expertise and leadership responsibilities in accounts receivable (AR), consumer billing and collections, and finance or financial operations. The report explored these merchants’ interest in offering various installment plans.
Report: Online Shopping Warehouse Boom Transforms Rural Towns
America’s love of online shopping has transformed communities like Shippensburg. The college town in the heart of Pennsylvania is the subject of a Bloomberg Businessweek piece published Monday (July 1) that examines the rise of boomtowns that have sprung up around eCommerce fulfillment warehouses. In the case of Shippensburg,...
Circle Attains EMI License From France, Achieves MiCA Compliance
Circle has attained an Electronic Money Institution (EMI) license from the French banking authority, thereby achieving compliance with the European Union’s (EU) Markets in Crypto-Assets (MiCA) regulatory framework. With this license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), Circle’s French entity is now issuing USDC and...
Atlanta Fed Names Cheryl Venable as First VP and COO
The Federal Reserve Bank of Atlanta has a new first vice president and chief operating officer. Cheryl Venable, who has been with the bank since 1991, will assume her new role Aug. 1, the Federal Reserve announced in a news release Thursday (June 27). Her most recent position was as...
Thread Bank Responds to FDIC Enforcement Action
2024 is fast becoming the summer of consent orders for smaller banks. That’s because, with the news Friday (June 28) that Tennessee-based Thread Bancorp is now the latest financial institution (FI) to come under the Federal Deposit Insurance Corporation’s (FDIC) scrutiny, managing for the operational, compliance and strategic risks that come with third-party tie-ups is top of mind for both banks and their FinTech partners.
TikTok Joins Merchants’ Summer Discounting Dash for Paycheck-to-Paycheck Shoppers
As retailers and marketplaces look to summer sales to win the spending of budget-strapped consumers, TikTok Shop is joining the mix with its own discounting event. TikTok announced Thursday (June 27) its “Deals For You Days,” with discounts on “thousands of products” from brands ranging from L’Oréal Paris to Zwilling beginning July 9. During the discounting event, creators are encouraged via content challenges to make live shopping videos, and the sales event aims to highlight such livestreamed, product-focused content.
E.l.f. Begins Selling Physical Products Through Roblox Virtual Kiosk
Beauty brand e.l.f. has expanded its partnership with virtual world and gaming platform Roblox to include real-world commerce. In the new virtual kiosk within the e.l.f. Up! experience on Roblox, which is powered by Walmart, U.S. visitors can buy a Roblox-exclusive limited-edition physical product — a hoodie — as well as a selection of other physical products that include a skincare product, lip balm and sunscreen, e.l.f. said in a Monday (July 1) press release.
Cyber Insurance Premiums Fall Despite Ransomware Wave
Despite a recent wave of ransomware attacks, cyber insurance premiums are declining around the globe. That’s because businesses have gotten better at dealing with losses related to cybercrime, specialist insurance broker Howden said in a report issued Monday (July 1). “Favorable dynamics have persisted into 2024, with the cost...
Supreme Court Set to Rule in Debit Card Swipe Fee Case
The Supreme Court is set to rule in a case involving debit card “swipe fees.”. The court on Monday (July 1) will likely issue its decision in the case, which stems from a North Dakota convenience store’s lawsuit that challenged a Federal Reserve rule on the amount businesses pay banks when customers make purchases with debit cards.
DEA: Drug Traffickers Found Citi ‘Favorable’ for Money Laundering
Federal investigators say drug traffickers laundered money through Citigroup, believing it had looser fraud measures. As the Financial Times (FT) reported Monday (July 1), a newly unsealed indictment alleges that a pair of California residents — accused of working with the Sinaloa drug cartel — deposited tens of thousands of dollars in cash with Citi ATMs without being flagged for money laundering.
Synchrony CEO: Personalized Financing Strategy Boosts Big-Ticket Commerce
Macroeconomic uncertainty over inflation and interest rates is affecting big-ticket items and leading to shifts among consumers. More homeowners — who have opted not to buy a new residence due to high mortgage rates and home prices — are sprucing up their properties and remodeling. More car owners, faced similarly with inflation, are keeping their vehicles on the road longer, with an eye toward keeping them well-maintained and properly appointed.
FedEx’s Performance Saves the CE 100 Index From Decline as Nike Disappoints
It was a flat week at the end of a flat month for Wall Street as well as the CE 100 Index. The week ending June 28 saw a slight gain in value with a 0.4% uptick led by gains in the “Move,” “Banking” and “Enablers” pillars. For the month of June the CE 100 Index was flat; year-to-date it’s up 2.9%, just a shade below the 3.7% bump in the Dow.
New Report: Who Is the Credit Card Outsider? … And How Do They Get Access?
The ability to access credit is a necessity in today’s economy. However, 16% of U.S. consumers find themselves without a credit card. Lack of credit access limits these consumers’ financial flexibility and restricts their access to a valuable lifeline in emergencies. We call these consumers, “credit card outsiders.”
Target Tries to Shake Off ‘Pandemic Hangover’ as Sales Slump
After seeing revenues surge during the pandemic, Target has been facing tough times. A report Sunday (June 30) by the Financial Times (FT) examines the retailer’s recent struggles: sales have slipped in part to protests against its LGBTQ+ themed products, and affluent consumers have turned their attention to Walmart. It’s led some observers to wonder if the brand has lost its spark.
Report: Apple’s Device Longevity Makes AI More Important
Apple’s devices are lasting longer, so customers don’t trade up as often. And as Bloomberg News reported Sunday (June 30), that could make the tech giant’s artificial intelligence (AI) efforts all the more important. To be clear, the report said, Apple is trying to make its products...
Redbox Goes Bankrupt as Streaming Video Kills the Rental Kiosk
Redbox’s parent has reportedly filed for bankruptcy protection after defaulting on loans and missing payroll. Chicken Soup for the Soul Entertainment, which acquired the DVD rental kiosk company in 2022, told employees of its bankruptcy plans late Friday, The Verge reported Saturday (June 29), citing an internal email. The...
iRobot Co-Founder: Generative AI May Be Overhyped
MIT robotics professor and iRobot co-founder Rodney Brooks thinks artificial intelligence (AI) is impressive. Just not as impressive as many of its proponents have argued, Brooks told TechCrunch in an interview published Saturday (June 29). “I’m not saying LLMs are not important, but we have to be careful how we...
White House Pauses Student Loan Repayment for 3 Million Borrowers
The Department of Education is reportedly pausing repayments for around 3 million student loan borrowers. The pause comes as the White House defends its new repayment plan against a spate of GOP-backed lawsuits, CNBC reported Sunday (June 30). Enrollees in the Saving on a Valuable Education, or SAVE plan, and have a monthly payment above $0 will not owe anything for now, the Education Department told the network.
Financial Services Sector Shows Reluctance to Embrace AI
Artificial intelligence (AI) may cut costs, but financial services companies have reportedly been slow to embrace it. That’s according to a report Sunday (June 30) by the Financial Times (FT), which said that regulatory concerns and worries about job losses have kept banks from adopting AI products. “The big...
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