Tag: sibos

Fintechs to drive FedNow adoption | Bank Automation News

The Federal Reserve is looking to fintechs to drive the adoption of FedNow across financial institutions. With FedNow aiming to reach ubiquity in the United States, “we don’t really want that to take 20 years to do,” Mark Gould, chief payments executive for Federal Reserve Financial Services, said last month at Sibos 2023 in Toronto. […]

Whitney McDonald

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October 2, 2023
BNP Paribas identifies AI use cases | Bank Automation News

BNP Paribas has identified hundreds of use cases for AI and is using the tech to enhance its virtual agent capabilities and automate data extraction, improving its ability to analyze unstructured data. “The purpose of AI is to take unstructured data, access it, structure it, analyze it and to create a model around it, […]

Whitney McDonald

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September 28, 2023
A hybrid approach to AI | Bank Automation News

What will artificial intelligence bring to the financial services industry? This question is becoming less crucial than how financial institutions are approaching AI implementation, development and innovation. Seventy-three percent of C-level bank executives are interested in or already using AI tools within their institutions, according to a CCG Catalyst Consulting report that surveyed 108 C-level […]

Whitney McDonald

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September 27, 2023
Payments status updates comprise 80% of Citi queries | Bank Automation News

TORONTO — Eighty percent of queries across Citigroup’s 96-country network — which includes more than 200 million clients — are payment status queries. Pre-validation capabilities could bring that number down for banks, Debopama Sen, co-head of global payments and receivables at the $2.4 trillion Citi, said at the Sibos 2023 event this week. As payments […]

Whitney McDonald

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September 21, 2023
Cybersecurity a top risk | Bank Automation News

TORONTO — Forty-three percent of the audience identified cybersecurity as the No. 1 risk management concern, according to a poll taken Monday during a risk-management session at the Sibos 2023 event this week. “Our ability to succeed in payments over the long haul is fundamentally rooted in this concept of embracing uncertainty while managing risk,” […]

Whitney McDonald

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September 20, 2023
BofA launches AI chatbot functions | Bank Automation News

TORONTO — Bank of America announced the addition of AI capabilities to its CashPro Chat function at Sibos 2023 Monday, bringing an enhanced user experience to its corporate and commercial clients. The $3.2 trillion bank’s CashPro Chat now uses the same proprietary technology as the bank’s AI-driven consumer-facing bot Erica, Tom Durkin, global head of […]

Whitney McDonald

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September 19, 2023