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As digital expectations rise, banks are under pressure to provide seamless, instant and flexible payment experiences. Customers—whether individuals or businesses—expect to send money anywhere, anytime, with minimal friction and at maximum speed. However, behind the scenes, banks frequently struggle with a complex web of payment rails, including real-time networks, automated clearing house (ACH),...
Despite the clear potential of integrating credit directly into commerce platforms, many lenders appear to be sitting on the sidelines, potentially missing significant growth opportunities in the burgeoning embedded lending market.
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Embedded lending describes credit tools integrated directly into a merchant or provider’s platform, allowing borrowers to apply for credit,...
The Federal Reserve’s System Open Market Account (SOMA) saw its net income decline for the second year in a row in 2024 and could see another drop in 2025, the New York Federal Reserve said in a report released Tuesday (June 3).
The losses slowed in 2024, with SOMA net income being negative $74.7 billion that year after totaling negative $117.2 billion in 2023, the New York Fed said in its annual...
An artificial intelligence (AI) pioneer who has been vocal about the risks of AI has launched a nonprofit focused on developing safe AI systems.
Yoshua Bengio — who won the Turing award along with Nobel laureate Geoffrey Hinton and Meta Chief AI Scientist Yann LeCun — on Tuesday (June 3) unveiled LawZero, which is an AI safety research organization.
It has $30 million in funding and employs more...
Intuit Inc., the financial technology company behind products like TurboTax, QuickBooks and Mailchimp, has announced enhancements to its proprietary Generative Artificial Intelligence (AI) Operating System (GenOS).
The updates are intended to accelerate the development and deployment of “done-for-you” agentic AI experiences for the company’s approximately 100 million consumer and small and mid-...
PayPal introduced a new physical card that enables customers to use PayPal Credit for in-store purchases.
With the addition of the PayPal Credit Card, which will be rolled out to customers in the United States in the coming weeks, this flexible financing option can be used online, in-store and everywhere Mastercard is accepted, the company said in a Tuesday (June 3) press release.
“PayPal Credit...
Major record labels are reportedly in talks with AI music startups Suno and Udio to set up licensing agreements for songs used to train their generative artificial intelligence (AI) models — and how artists are compensated for subsequent remixes.
According to The Wall Street Journal, Universal Music Group, Warner Music Group and Sony Music Group want the startups to pay when music by artists they...
OatFi said it has raised $24 million in a Series A round to build a B2B credit network.
The round was led by White Star Capital, OatFi said in a Tuesday (June 3) news release.
Highlighting its use of application programming interfaces (APIs), OatFi said it embeds its underwriting, origination and funding capabilities into B2B payment platforms within their accounts payable (AP), accounts...
GoodLeap has introduced a comprehensive payments product for contractors.
The new GoodLeap Payments includes a variety of payments methods as well as refund and dispute resolution management, transaction reporting and QuickBooks integration, the company said in a Tuesday (June 3) press release.
This product is designed to help contractors solve the current fragmentation of payments that hurts...
Deutsche Bank and Mastercard partnered to enable merchants across Europe to offer pay-by-bank functionality to their customers.
The partnership will enable merchants to offer this functionality through Deutsche Bank’s Merchant Solutions, with the account-to-account payments based on Mastercard’s open banking network, the companies said in a Tuesday (June 3) press release.
“This partnership with...