Top FinTech News for Tech Leaders
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Summary: Mastercard has enhanced its Open Banking platform to streamline account management. The new features, Deposit Switch and Bill Pay Switch, automate direct deposit and recurring bill updates, eliminating the need for manual paperwork. Leveraging technology from Mastercard Start Path member Atomic, users can link payrolls and update bill payments directly within their bank's app or website without sharing credentials with third parties. According to an EMarketer study, this innovation addresses a crucial consumer demand for quick mobile account opening. Silvana Hernandez of Mastercard emphasized that the updates aim to deliver a seamless, secure online banking experience, particularly appealing to digitally savvy consumers and Gen Z.
Summary: FIS has unveiled its Climate Risk Financial Modeler, a new SaaS tool designed to help businesses assess and mitigate climate change risks. Integrating FIS’s advanced risk modeling with third-party climate data, this tool provides a tailored interface for corporations and financial institutions to manage climate-related exposures proactively. According to JP James, Head of Treasury and Risk at FIS, this launch responds to increasing regulatory pressures and the growing importance of understanding climate impacts on business. By leveraging data from PwC US, the modeler enables users to evaluate potential financial losses from severe weather, support regulatory compliance, and enhance strategic planning against climate risks.
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In a pioneering pilot with Pay.UK, Visa has demonstrated how advanced AI can significantly reduce the UK's ￡600 million annual account-to-account fraud. The pilot revealed Visa's AI detected 54% of fraudulent transactions missed by existing bank systems, potentially saving ￡330 million. Visa is now offering its real-time fraud detection service, Visa Protect for A2A Payments, to all UK banks. This service analyses billions of transactions, providing instant risk scores to prevent scams before they occur. Mandy Lamb, Visa UK & Ireland MD, emphasized the need for collective fraud prevention, while Pay.UK's Kate Frankish highlighted the importance of innovation and collaboration in combating fraud. This initiative marks a major advancement in payment security.
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