TaxBit, the leading provider of compliance solutions for digital assets, today announced that the TaxBit Digital Asset Accounting Suite now supports International Financial Reporting Standards (IFRS) and multi-functional currencies, bringing the solution to a globally recognized standard for accounting compliance.

Bank of America has launched a massive update to its mobile app, reimagining how clients interact with their finances. As digital engagement continues to soar, 57 million digital clients can now view and manage their full financial lives through a new, unified digital platform that consolidates five apps – Bank of America, Merrill Edge, MyMerrill, Bank of America Private Bank, and Benefits OnLine – into one personalized experience.

Link Financial Technologies, Inc. (dba Link Money), a US-based open banking payment platform, and Silicon Valley Bank (SVB), a division of First Citizens Bank, today announced a strategic collaboration. Going forward, SVB will handle ACH processing and money movement on behalf of Link Money’s merchants, enabling Link Money to enhance its capabilities, scale faster, and further improve its Pay by Bank solution.

Cogitate announces its new partnership with sanctions.io, a cost-effective solution for real-time anti-money laundering and sanctions screening. Cogitate has integrated sanctions.io with DigitalEdge Policy to automate identity verification and meet anti-money laundering and sanctions compliance for its newest professional liability implementation.

nCino, Inc., a pioneer in cloud banking for the global financial services industry, today announced that the largest cooperative financial group in North America, Desjardins Group, will implement nCino’s Automated Spreading Solution, powered by 

Provenir, a global leader in AI-powered risk decisioning software, recently brought together more than 50 representatives from the public and private spheres at an event in Paris (‘Fraude Financiere en France – evolutions, impacts et solutions’) to help drive greater collaboration between the public and private sectors when it comes to fighting increasingly sophisticated fraud. 

Onramp, an innovative funding provider that supports the growth of eCommerce businesses, has launched its first-ever machine-learning algorithm designed to identify eCommerce merchants who will best utilize funds in a productive way to grow their business and can successfully repay the loan.  

Since the commercial world began its digital transformation, industries across the world have been forced to adapt rapidly to shifting consumer behaviours and preferences, and nowhere is this truer than in the retail sector. 

The financial industry has undergone a massive shift thanks to the many advancements in artificial intelligence (AI) technology. AI has transformed the financial industry, changing how institutions interact with customers, operate, and deliver banking, investment management, insurance, and fintech services.

This article will examine how artificial intelligence impacts finance, including its applications, benefits, challenges, and prospects.