US regulators have promised not to penalise banks that use artificial intelligence tools to spot gaps in existing anti-money laundering programmes, paving the way for the use of new technologies to tackle illicit financial activity.
Management and technology consultancy BearingPoint, which ranks among the leading providers of Regulatory and Risk Technology (RegTech/RiskTech), announced today that its RegTech product unit has formed a partnership with IBM Services for regulatory reporting.
London: Starling, the leading digital bank, is launching Client Money Accounts to provide more secure, efficient and compliant account management for professional practices that hold money on behalf of clients.
The potential of open APIs, cloud, blockchain and AI to transform the financial services sector will only be realised if regulators keep up and accept the "new realities" created by emerging technologies, argues a new Deutsche Bank white paper.
IBM (NYSE:IBM) and Red Hat (NYSE:RHT), the world's leading provider of open source cloud software, announced today that the companies have reached a definitive agreement under which IBM will acquire all of the issued and outstanding common shares of Red Hat for $190.00 per share in cash, representing a total enterprise value of approximately $34 billion.
Some of America's biggest banks have joined forces with fintech firms to launch a non-profit organisation that tackles the contentious issue of sharing consumer data.
Bank of America, Citi, JPMorgan Chase and Wells Fargo are among the banks backing Financial Data Exchange (FDX), alongside a host of firms, including Intuit, Xero and Yodlee, that want access to consumer account data.