A library of snippets
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Each partner taking part in the pilot will receive transaction data from participating banks and PSPs under a data-sharing agreement. The selected suppliers will then have to develop artificial intelligence and machine learning models to identify suspicious activity and compare it to known fraudulent behaviours.
From Pay.UK partners with Visa and others to detect and prevent fraud.
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There are two clear potential benefits for Woolworths here. Firstly, it hopes to reduce its payments costs. Specifically, the retailer gains the cashflow benefit of receiving consumer funds instantly as opposed to waiting for next-day settlement.
In addition, the move drives customers to its digital wallet offering and will raise engagement levels of its loyalty programme.
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What’s more, the proposed measure has a key difference with the 2010 legislation, which had the Federal Reserve set a cap on a portion of debit-card fees. This time around, the bill avoids such caps, and instead directs the Federal Reserve to write a rule that most very large bank card issuers have to put at least two credit networks on their cards, as they typically do for debit, and they can’t select both Visa and Mastercard.
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DeepMind’s latest endeavor, Gemini, is a massive language model that combines the advantages of systems like AlphaGo with the impressive linguistic capabilities of massive models like GPT-4, which is what drives ChatGPT. Hassabis and his team hope to improve Gemini’s performance by teaching it to apply some of the same planning and problem-solving strategies employed by AlphaGo.
From DeepMind’s Gemini: The Future of AI Technology – ReadWrite.
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I don’t care if the tokens are issued by a central bank, commercial bank, or a DeFi protocol. Using a token, a long string of numbers to represent assets and cash, will be the default.
From (2) Fintech 🧠 Food – Moats in Fintech – by Simon Taylor.
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Currently it’s down to the business what specific payment methods they accept – and there is no legal obligation to accept cash.
From What are the rules on paying with cash in the UK? Why shops can refuse your cash.
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Kai Bowman, who spoke on behalf of the Metro Detroit Black Business Alliance, opposed the ordinance, calling it “poor policy that does nothing to help elevate our city, but instead offers criminal penalties … to small business owners who have done nothing but try to adjust to the tough times.”
From Detroit ban on cashless business approved by City Council.
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Their “bad” bucket bullet points follow the standard industry talking point: that the collapses of Celsius, Voyager, FTX, and others were failures of centralization and opacity and individual bad apples, not failures of crypto.
From Narrative over numbers: Andreessen Horowitz’s State of Crypto report:
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David Mazieres from the Stanford Future of Digital Currency Initiative gave an interesting presentation at the DC3 Conference in January, in which he talked about the minimum functionality requirements for a digital currency API and made the case for Open APIs to provide what I could open, transparent and non-discriminatory access to digital currency. I found his comments about blocks really interesting (the need for transactions within a block to be commutative) even though I suspect that retail CBDCs will not be implemented using blocks (or chains, for that matter).
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Additionally, the chatbot is doing the work of 34 full-time employees, up from 21 full-time employees in March, Iceman-Haueter said. The credit union has not downsized its team at all; the technology is taking over roles that were difficult to fill amid workforce challenges during the past several years.
From MSUFCU Chatbot Boasts 98% Accuracy | Bank Automation News.
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