Fintech Innovations from the last few months…
Temenos and NVIDIA have unveiled a new on-premises AI solution that could reshape how banks implement artificial intelligence technology. The partnership brings together Temenos' extensive banking software expertise, which powers core systems for over 3,000 financial institutions, with NVIDIA's advanced computing infrastructure.
At the heart of this development is a solution that addresses the financial sector's data sovereignty concerns.
By deploying large language models within banks' existing infrastructure, the platform enables financial institutions to harness AI capabilities while maintaining complete control over sensitive customer data – a crucial consideration in the highly regulated banking environment.
The system integrates NVIDIA's NIM microservices framework with specialised GPU hardware, allowing banks to process unstructured data from customer communications and transaction records internally, rather than relying on external cloud providers.
This infrastructure supports critical functions including automated credit decisioning and anti-money laundering detection, with built-in explainability features to meet regulatory requirements.
The timing is significant, as financial institutions transition from experimental AI implementations to production environments. NVIDIA's vice president of global financial services, Malcolm deMayo, notes that 2024 will mark a shift toward practical AI deployment in banking operations.
The platform's ability to combine secure, on-premises processing with advanced AI capabilities positions it as a potential catalyst for wider AI adoption in the banking sector.
Intuit Assist Launches to Transform Small Business Financial Management
Intuit has introduced Intuit Assist, an AI-powered solution that aims to streamline financial operations for small businesses through its proprietary GenOS technology.
The platform addresses a critical challenge faced by small business owners who typically juggle multiple digital solutions for their financial management needs.
The system's core functionality transforms everyday business communications into actionable financial documents - converting emails into estimates and handwritten notes into professional invoices.
This automation significantly reduces the time spent on manual administrative tasks, allowing business owners to focus on growth and customer service.
Key innovations include AI-generated payment reminders that have demonstrated notable results, with businesses getting paid 45% faster and transactions being 10% more likely to be paid in full and on time.
The platform integrates seamlessly across Intuit's ecosystem, including QuickBooks, TurboTax, Credit Karma and Mailchimp, providing a comprehensive financial management solution.
Dave Talach, Senior Vice President of Product at Intuit QuickBooks, emphasises how the platform empowers businesses to operate as if they had a substantial support team.
The solution also includes access to AI-powered human experts for personalised guidance, while maintaining a focus on data privacy and security through responsible AI principles.
Early adopters like Kim Cross of Zhi Bath & Body report significant improvements in workflow efficiency, highlighting the platform's practical impact on daily business operations.
LSEG Launches Dual Verification Tools to Fight Global Payment Fraud
London Stock Exchange Group (LSEG) has introduced two innovative verification solutions designed to combat the rising tide of payment fraud and identity theft in international banking.
The launch addresses growing concerns over financial crime while helping institutions adapt to tightening global regulations.
The first solution, Global Account Verification (GAV), tackles authorised push payment (APP) fraud by providing real-time verification of bank account ownership across 22 countries.
Using a three-tier assessment system, GAV categorises transfers as "match," "close match," or "no match," helping prevent fraudulent transactions. The timing is crucial, as APP fraud losses reached £213.7m in the first half of 2024 in the UK alone.
The second tool, Document and Biometric Verification (DBV) combines facial recognition with document screening and liveness detection to fight deepfake fraud in digital banking.
The system can authenticate over 16,000 types of identity documents across 220 countries in 140 languages, providing comprehensive coverage for international financial institutions.
Both solutions are available through API integration, allowing seamless implementation into existing banking systems.
LSEG plans to expand GAV coverage to 80% of G20 nations, positioning these tools as key components in the global fight against financial crime while helping institutions meet new regulatory requirements for instant payments and account validation.
To read the full article in the magazine, click HERE.
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