Modulus, a trailblazing US-based developer renowned for its cutting-edge trading, exchange, and surveillance technology, has set a new industry standard with the launch of its AI conversational assistant tailored for digital asset exchanges. As Modulus gears up to continue to revolutionize technological infrastructure across industries, it is with great excitement that the company announces that CEO Richard Gardner is a distinguished new addition to the board of the American Society for AI (ASFAI).

“Our company has been innovating in the AI and ML industry for nearly three decades. We have developed and patented revolutionary HPC and AI systems for the finance, defense, aerospace, healthcare, and sales industries, among others. We’re entering a new era in American history, one which will be fueled by artificial intelligence. It is important that we work together to ensure that AI is used to enhance, not detract from, the general welfare. One of the best ways to do that is by bringing together the best and brightest minds in the industry, and that’s what ASFAI aims to do,” said Gardner.

"Richard Gardner has an impressive track record of building businesses that help people and companies make better data-driven decisions, serving global clients like JP Morgan, Goldman Sachs, and IBM. He has robust experience in AI that spans decades, and we are excited to welcome him to the Board," said Rei Llazani, Acting Executive Director of ASFAI.

Gardner immersed himself in tech at a young age. At age 23, he sold his first commodity trading system, which used artificial intelligence to analyze crop reports and weather data. On the heels of success, he founded an A.I. software company in the 1990s. Focusing on new types of neural network algorithms, the company was later acquired by a Fortune 500. Soon after, he founded Modulus Financial Engineering and Modulus Global, which he has headed since 1997.

“There’s something special that happens when you create a private setting and then gather all the best thinkers on a given topic. It creates a feeling of security and immersion that really allows innovation to thrive. I look forward to being part of that,” said Gardner.

As a respected innovator and industry influencer, Gardner's appointment to the board of ASFAI adds another layer of credibility to Modulus' mission to positively reshape industries through AI-driven advancements. The convergence of Modulus' groundbreaking AI technology and Gardner's strategic leadership aims to create a future where AI seamlessly integrates with various sectors, redefining the boundaries of innovation.

“We’re currently at a point where public policy is going to steer the direction on artificial intelligence. Regulators are already beginning to see the need to put up roadblocks and further define how AI will be used. In New York, for example, they are specifically looking into AI bias in HR technology. More regulation will be in the works in the coming months and years, and the regulators would be wise to bring industry into the conversation. They shouldn’t regulate AI in a vacuum. They need to understand how the technology works. They need to fully understand the opportunities and the risks that exist. AI will be as transformative in the 21st century as the computer was in the 20^th. It is up to those who innovate to help politicians and bureaucrats see the value of their innovation, while acknowledging areas where oversight is necessary. I look forward to continuing to be part of that conversation,” said Gardner.

Temenos today announced that it has earned the Trusted Cloud Provider trustmark from the Cloud Security Alliance (CSA), the world’s leading organization dedicated to defining and certifying best practices to help ensure a secure cloud computing environment. Built upon existing CSA programs, the Trusted Cloud Provider trustmark assists customers including financial institutions in identifying cloud providers that demonstrate their commitment to holistic security and are aligned with their individual security requirements.

Temenos has been a CSA member, formally adopting and attesting for compliance with the internationally recognized CSA frameworks for Cloud, the Cloud Control Matrix (CCM) and CAIQ since 2021. With this latest recognition, Temenos has become one of only 30 technology providers globally to date, who collectively achieved the STAR Level 1, STAR Level 2 attestation and the Trusted Cloud Provider mark, joining key Temenos partners such as IBM, Microsoft and AWS.

The accreditation reflects the high-security standards of Temenos’ cloud-based solutions, which are built using international security methodologies and best practices such as OWASP and SANS. Temenos creates, implements, and maintains security policies and practices that address and adhere to AICPA/SSAE18 SOC2 principles. Temenos is also certified for ISO/IEC 27001, 27017, 27018 standards. To provide for transparency on effectiveness of security measures, Temenos makes its attestation reports (SOC 1, 2, 3) and certificates available to its potential and existing customers.

Temenos customers have freedom of choice in how they deploy Temenos banking solutions. The software can be hosted on any private or public cloud, or as SaaS on Temenos Banking Cloud. As well as providing a high level of security, Temenos Banking Cloud delivers other benefits, including business agility, elasticity and scalability, while enabling banks to focus on customer-centric innovation and take advantage of new opportunities like Banking-as-a-Service, on a secure and trusted evergreen service.

Colin Jarrett, Chief Security & Risk Officer, Temenos, said: “As banks increasingly move their operations into the cloud, security is a top priority. Temenos Banking Cloud is already trusted by over 700 clients across over 30 different regulatory jurisdictions. Adding to our existing accreditations, including from ISO and SOC, this recognition from the Cloud Security Alliance further enhances Temenos’ credentials as the most secure, cloud-native platform for banks of all sizes to increase efficiency and enable innovation.”

Temenos was recently recognized by IBS Intelligence in the IBSi Sales League Table (SLT) 2023 as the #1 best-selling banking software across eight categories, including Core Banking and Digital Banking and Channels.

From today, TSB is taking applications for fintechs to participate in its third annual TSB Innovation Labs programme – as the bank and Fintech Scotland encourage a new round of fintech collaboration. 

Under the programme, winning fintechs will officially partner with TSB to offer innovative services and money-saving solutions to customers, as the Bank expands its fintech partnership programme.  

The scheme also helps boost the UK’s fintech sector – as between 10–20 successful applicants will develop their proposition under the guidance of TSB business leaders and experts in TSB’s Edinburgh Tech hub to ready themselves for market.   

Previous winners ApTap, Snugg Energy and Lightning Reach are currently delivering Money Confidence for TSB customers by providing utility switching; energy efficiency and financial hardship services respectively. 

This year, TSB is encouraging fintech applicants to develop propositions across four areas: 

·       Money Confidence: TSB wants to deliver innovative partnerships that help boost households’ Money Confidence – helping people better manage their finances and make more of their money. 

·       Inclusive Services: Successful applicants will develop inclusive financial services both for TSB customers and TSB colleagues.  

·       Delivering Differently: TSB aims to deliver partnerships that create positive career experiences for TSB colleagues – from career development and engagement to cost-of-living support. 

·       Wildcard – Innovation is at the heart of TSB’s digital offering – so TSB is encouraging fintech applicants to deliver creative propositions to meet an array of customer needs. 

The programme, hosted in TSB’s Edinburgh Technology Centre, will run until the end of the year. The George Street facility houses technical specialists, data engineers, analysts and other IT experts to develop and deliver innovative services for customers across the UK. 

Aruna Bhalla, Head of Partnerships & Open Banking, TSB said: 

“Scotland is home to more than 200 fintechs and, with access to world-class talent from Scottish universities, this is an excellent opportunity for TSB to bolster its position in the fintech landscape and provide even more Money Confidence to our customers.”  

Nicola Anderson, Chief Executive, Fintech Scotland said: 

“We are excited to join forces with TSB once again to discover and accelerate some of the most innovative fintech companies.  

“This initiative not only reinforces TSB's commitment to fostering fintech collaboration but also its involvement in developing the fintech ecosystem in Scotland and across the UK.”  

Fintech Revolution: Should Banks Worry?

Fintech is a rapidly growing sector that is set to explode in the coming years. Global fintech investment reached a record high in 2021 of more than $226 billion. With this amount of funding, it is no surprise that fintech start ups appear to be springing up left and right. As the lines between the physical and digital worlds become ever more hazy, fintech is expected to grow in importance to connect both.

While this is great for consumers who can gain easier access to money management tools and more efficient payment solutions, how does this affect banks? Here we'll explore the fintech revolution in a little more detail and discuss should banks worry.

What is the Fintech Revolution?

The term "fintech revolution" has been coined to describe the rapid current and future growth of fintech. We've already seen a number of fintech innovations from bank smartphone apps to debit card chips and Google Pay. However, with the massive investments in this niche, fintech is anticipated to explode in the coming years, offering a wealth of new technology that will revolutionize how we handle money and financial transactions.

The fintech revolution is anticipated to change payment processes, how retailers and consumers deal with transactions and even make payments quicker, easier and cheaper. We're already seeing signs of this revolution coming into mainstream use.

For example, the Amazon Go store uses deep learning algorithms and computer vision to allow customers to simply pick up their items and walk out of the store. There are also a number of retailers including 7-eleven and Sam's Club that allow you to use an app to scan your items, so you don't need to use the checkout.

These innovations have the potential to change our everyday lives.

The Risk of Fintech for Banks

Many banking experts view fintech firms as a threat to the industry. Fintech companies are chipping away at the key parts of the banking services. With the development of new technologies and the promise of more to come, there is the potential to fundamentally disrupt the big finance players.

Fintech companies, with their agility and innovative solutions, have the potential to challenge traditional banks' market share in savings products. As consumers become more comfortable using fintech platforms for their savings needs, banks may find it challenging to retain and attract new customers.

They often offer high-yield savings accounts with competitive interest rates that outperform traditional bank savings accounts. These high yield savings accounts are accessible through user-friendly mobile apps or online platforms, making it easy for customers to manage their savings.

For example, you have companies like Stripe, who aim to become a replacement for PayPal and other mainstream payment companies, while Lending Club is hoping to make getting loans easier and cheaper for all consumers.

You only have to look at your local high street. According to the NCRC, approximately 7,500 bricks and mortar bank branches have closed between 2017 and 2021, which represents approximately 9% of all US bank locations. After all, how many of us actually go into a branch these days to pay in a check, withdraw cash or open a savings account? Most of us complete these tasks online or using a bank app, which are all fintech developments.

Should Banks Worry?

While fintech could represent a serious threat to the current banking industry, there is the potential for alliances and evolution. Just look at how fintech impacted the investment industry. With new trading apps and platforms that had low or no fees, traditional brokerages needed to reassess their fee structures. Many brokerages adopted the low cost model to be able to compete with the industry newcomers.

The same principle could apply with banking. Big banks have the potential to work with fintechs to share new technology and retain customers. While there are some who would argue that banks are big enough to swash the pesky little fintechs, alliances are a far more sustainable and favorable approach.

For example, JP Morgan Chase created a successful alliance with OnDeck, the small business online lending platform. Rather than developing their own technology to compete with OnDeck, JP Morgan became a partner with OnDeck. If all goes well, JP Morgan could invest greater funds with the platform in future, possibly even purchasing the company. However, in a worst case scenario, JP Morgan is in a position to collect information and learn from the fintech learning space.

While some fintechs may not be willing to sell, it is likely that banks will be willing to pay a big premium for innovative products and services. The fact is that many of the successful fintechs are quite small, so they may be drawn to the large sums of money the traditional banks are able to offer.

The Potential Future

While there is a lot of speculation about a fintech revolution, it does require the businesses in the industry to experience rapid growth and maintain a disciplined approach. They will also need to be equipped to deal with the regulatory hurdles that are abundant in the industry.

Rather than seeing the fintech revolution as a threat, it is likely that many banks will see the developments as a potential for evolution. Historically, banks have embraced technology and technological developments. After all, how many of us still have a physical book that we take with us each time we go to the bank? Banks encouraged their customers to embrace ATMs, debit cards and other innovations.

So, it is very likely that many banks will explore partnerships and act smartly to harness the potential of fintech developments. With joint ventures or acquisitions, banks can move with the times to meet the increasing demands of the average customer. This would allow them to retain their existing customer base and appeal to a wider audience.

Of course, banks will always have mainstream appeal and offer reassurance for the uncertain consumer. So, if a well established bank can offer instant payment and allow customers to pay for items with no contact, customers are more likely to embrace the technology, which will change the financial landscape forever.

Poof Payments, Inc., a leader in web3 crypto payment gateway solutions and MPC blockchain wallets, proudly introduces its "Pay with Anything" feature. This cutting-edge tool enables users to pay invoices with a vast array of digital currencies, including Ethereum, Avalanche, Cardano, Polkadot, and others, while facilitating direct settlements in the invoiced digital asset.

Amid the global pivot towards decentralized finance, digital currencies are gaining unprecedented traction. Emerging innovations, such as OpenAI's Sam Altman's Worldcoin Project, PayPal's USD Stablecoin, and Reddit Moons, may soon be used for online payments alongside long-established giants like Bitcoin, Ethereum, XRP, and Litecoin. Meanwhile, networks and their respective tokens like Polkadot, Optimism, Cosmos, Polygon, Avalanche, and Aptos have also captured significant attention in the crypto space.

However, many popular payment platforms often overlook these newer tokens, limiting their potential as a payment method. Poof addresses this gap with "Pay with Anything", offering these burgeoning crypto communities their own dedicated payment rail, alongside conventional payment methods.

Poof responds to the surging demand of newer digital currencies, offering merchants the capacity to cater to a broader audience by effortlessly accepting myriad digital currencies non-custodially, all while eliminating the complexities of multi-wallet management and cross-network bridges. "Poof Pay with Anything" facilitates settlements in merchants' preferred cryptocurrency while allowing users to pay with the currency they have at checkout.

iDenfy, a global RegTech startup offering identity verification and fraud prevention solutions, announced a new partnership with Alphawin, a Bulgaria-based casino and sportsbook operator offering first-class online gaming experience. iDenfy will help onboard new gamers by checking their identities while allowing age-appropriate users to access the iGaming platform’s services.

Establishing a robust and dependable client relationship has consistently remained at the forefront of Alphabet's key objectives. The company has set itself apart by leveraging cutting-edge technologies extensively within the industry. Since its inception in 2007, Alphabet Gaming has held a prominent position within Bulgaria's gaming sector. Recently, the company has operated a network of six land-based casinos nationwide. However, its foray into the online gaming realm has taken shape with Alphawin. Positioned as a standout member under its unique brand Alphawin, the company is dedicated to providing a top-tier sportsbook and casino experience for all online users in Bulgaria.

Building a solid and trustworthy customer relationship has always been one of  Alphabet’s top priorities. To strengthen the trust and bring an extra layer of security, Aphawin looked for a robust, AI-powered identity verification solution that would cater to its growing audience. Since the gaming platform is at its scaling stage, they needed a global solution that could enable them onboard new users in less time while improving the identity verification conversion rate and maintaining compliance with Know Your Customer (KYC) regulations. 

According to iDenfy, automated KYC measures are the best way to keep the balance between user experience and effective fraud prevention. While gaming platforms must adhere to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, they must also prevent all kinds of illegal activities, such as underage gambling. Automated KYC solutions help casino and sportsbook operators collect personal information from customers, including name, date of birth, address, and identification documents, quickly and securely, taking approximately two minutes on average in the market. 

iDenfy’s team also adds that the primary hurdle encountered by the iGaming sector when implementing KYC requirements mirrors a challenge faced by many industries. However, some industries have more demanding customers. For example, crypto and gambling users want to keep their identities hidden, which makes the whole verification process a hassle from the user’s perspective. Consequently, Alphawin agrees that the account creation process should be frictionless, and that’s why finding a delicate balance between maintaining a great user experience and upholding KYC/AML compliance was extremely important for the company.

Alphawin was impressed by iDenfy’s API documentation and user-friendly environment. Along with a responsive customer support team, a smooth testing process, and seamless implementation, iDenfy helped Alphawin build a fully automated customer onboarding process. Currently, iDenfy’s four-step identity verification with built-in liveness detection technology will catch fraudsters using pre-recorded videos, deepfakes, masks, and altered pictures in real-time. In addition, iDenfy’s in-house team of KYC experts will manually review each software result to ensure a complete accuracy rate. 

From a compliance perspective, iDenfy will help Aphawin’s team save time while simplifying internal operations, which means their compliance team will be able to focus their time on more complex tasks. As claimed by iDenfy, its KYC solution will protect minors from getting involved with age-restricted services and ensure that all online gaming practices are transparent. 

“Our mission is to help Alphawin proactively prevent fraudulent attacks before they happen with our automated identity verification solution. At the same time, we ensure compliance while maintaining a user-first approach, which is an emerging trend and a new industry standard for their industry.” — noted Domantas Ciulde, the CEO of iDenfy.

In the countdown to the opening of the Asian Games, Ant Group is expanding multiple cross-border digital payment options for international travellers as the Official Prestige Partner of Asia's largest sports event in 2023. 

As a native of Hangzhou, the host city of the Games known for its historical heritage and pioneering position in global digital innovation, Ant Group is working extensively with the Asian Games in areas ranging from digital payment, travel and ticketing services, to sustainability initiatives. In particular, Ant Group is expanding its cross-border digital payment services to seamlessly link overseas payment methods with the Chinese market.

Thanks to the support from the People’s Bank of China, a rising number of overseas e-wallets will be able to "roam" in China using Alipay+, Ant Group's cross-border pay tech and marketing solutions, through our collaboration with NetsUnion Clearing Corporation. Their users may use their familiar home wallets throughout tens of millions of commercial outlets on Alipay China's merchant network. The first batch of such overseas e-wallets include AlipayHK from Hong Kong SAR China, KaKao Pay from South Korea, and Touch’n Go eWallet from Malaysia. More overseas e-wallet users will be able to pay in the Chinese mainland during the Asian Games. 

Meanwhile, overseas travellers can also bind their international bank cards of major card networks to Alipay app and pay for goods and services, including Asian Games tickets with no hassle.

Developed by Ant Group, Alipay+ is a suite of cross-border digital payment and marketing solutions that connect tens of millions of merchants, digital payment service providers and over one billion consumer accounts worldwide, sharing vigorous growth brought by digital economy with the world.

Celebrating the Asian Games spirit, Alipay+ partners across Asia including Dana (Indonesia), GCash (the Philippines), Kakao Pay (South Korea), Touch 'n Go e-Wallet (Malaysia), TrueMoney (Thailand), AlipayHK (Hong Kong SAR, China) and MPay (Macao SAR, China) are actively engaging their users to take part in the global digital torch relay for the Asian Games. The campaign helped pass the digital flame of the Games across 45 Asian countries and regions.

As the world's leading one-stop payment and lifestyle service platform, Alipay provides a broad range of technology services for the Asian Games' outreach to global fans. Volunteers of the company's Blue Vest program, known for its role in China's financial literacy campaigns, as well as Ant Group's staff from China and abroad are also actively volunteering across the Games' venues and the city of Hangzhou.