JPMorgan Chase has unveiled its latest innovation, LLM Suite, a proprietary generative artificial intelligence platform designed to enhance productivity and research capabilities across its asset and wealth management division. This new tool, developed in-house, represents a significant advancement in the bank’s AI strategy and aims to transform how its employees perform critical tasks.

Layer2 Financial is thrilled to announce the successful close of their $10.7 million Series A funding round, led by Galaxy Ventures with key support from Accomplice. This funding validates the innovative work Layer2 has done in bridging digital and traditional fiat systems.

Founded by Tarun and his co-founder, Layer2 aims to revolutionize global money movement. With this new funding, they are set to enhance cross-border payments, making them faster, more transparent, and secure.

PAYSTRAX, the payment processing solution for merchants across the EU and UK, has teamed up with global fraud and financial crime prevention company Featurespace to enhance security measures against fraudulent activities.      

Wolters Kluwer Tax & Accounting Asia Pacific, a leader in professional information, software solutions, and services, announces important GenAI-enabled enhancements to CCH iKnowConnect, its prominent tax and legal research platform.

The average cost of a data breach in the UK rose to £3.58 million between March 2023 and February 2024, marking a 5% increase from the previous year and reversing a previous decline. Financial services experienced the highest costs, followed by professional services and technology sectors, each averaging over £5.4 million per breach.

Pay.UK, the independent, not-for-profit operator of the UK’s national retail payments systems, including Faster Payments, Bacs and Direct Debit, has announced the appointment of David Morris to the newly created role of Chief Operating Officer (COO). Morris previously held the role of Chief Technology Officer at Pay.UK and today assume the new position.

A study conducted by Tietoevry in collaboration with Finextra Research found that 87% of banks rely at least in part on other banks in order to implement their service offerings. This reflects a growing trend towards partnership and collaboration in the financial industry.

Flutterwave, a leading payments technology company, has recently been granted a Payment Service Provider license by the Bank of Ghana. The milestone marks a significant expansion of Flutterwave’s operations in Africa, enabling the company to offer a comprehensive suite of payment services directly within, and through Ghana.