Welcome to our weekly news roundup, of headlines which we thought would be beneficial to our readers. We’ll bring you a weekly dose of some of the most interesting titles which have surfaced, with a particular focus on the topics of AI, in-app payments, cross-border payments and beyond.
This week’s roundup will feature titles on digital currency, investment in stocks and cash protection. Join us and Unlimint BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- WhatsApp now allows Singapore-based users to pay businesses from within the app. Following on from India and Brazil, WhatsApp has integrated a payment feature to facilitate credit cards, debit cards or Singapore’s PayNow fund transfer system to pay businesses within a chat. [source: TechCrunch]
This is a great step towards greater convenience for both merchants and users. Fintech products which can be integrated into non-financial products are a fantastic way to help businesses expand their presence and offer customers new channels and wider access to customers. – Jovi
- Sensa-NetReveal by SymphoneAI has launched an AI assistant to manage financial crime, risk management and fraud detection. The solution is the first to use generative AI for enhanced financial crime detection and management. [source: The Fintech Times]
What’s interesting about the development of SymphoneAI’s technology is that it will offer data and learnings in a multitude of ways. For instance, the most popularly used form of this AI is in ChatGPT, where we see the intelligence producing new forms of content in a range of methods. The intelligence would be fundamental to taking the next step forward in effective and proactive steps against suspicious activity; particularly in our growing digital world which comes with growing potential for cybercrime. Using this technology, the generative AI can help businesses to improve their processes and source the advanced technologies needed to stay abreast and protect their consumers too. – Jovi
- Fiat bank, Barclays, has partnered with TransferMate, the Irish payments unicorn, to enhance their international receivables package, in efforts to reduce transfer costs for UK businesses. [source: PYMNTS]
Leveraging the global infrastructure will help Barclays to extend a solution to businesses at a faster rate than possible when functioning independently. The struggle for fiat institutions is the engrained processes and legacy systems, which can at times hinder growth. That being said, the step towards minimising costs for businesses in our growingly interconnected world is a fantastic evolvement from a traditional bank. Users will now be able to invoice customers and receive the payment back without excessive fees and minimising manual reconciliation. – Jovi
See you next week, back in the blog for your next weekly news roundup