The FCA implements a permanent digital sandbox; Fed switches on a new instant payment network; UK FinTechs call for review of legislation
Good morning! We hope you had a good weekend.?
The creation of a permanent digital sandbox is one of the hot news in the current Regtech?X. The FCA has made a fantastic advancement which will be accessible starting on August 1. Until now, the platform has only been available temporarily to those participating in pilots and TechSprints. Participants using the Sandbox will have permanent access to over 200 synthetic, public or anonymised data sets and over 1000 APIs to enable testing and validation of technology solutions.
Another theme is payments, as seen in recent headlines after the US Federal Reserve turned on its new FedNow instant payment network, with?35 banks?and?credit unions onboard. There are big hopes for the launch of the?instant payments system. However, expectations are more cautious.
Meanwhile, in the UK, thirteen FinTech companies have united to demand an "urgent review" of the laws currently in place regarding hidden fees for international payments.
The use of generative AI in risk and compliance is a subject that is receiving more and more attention.?A risk management expert fired ten questions at ChatGPT in part one of a Banking Risk & Regulation?experiment?to see how the AI chatbot can help busy decision-makers.
??? At Clausematch, we're actively exploring the capabilities of Large Language Models in compliance.?We're inviting you to test and learn about?Match AI?,?your new personal assistant powered by AI to simplify document consumption, creation, and management, as one of the first users.?Join the waiting list????here.?
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We hope you have a great week!
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