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Top regulatory priorities for the payments sector

The Payments Association

Regular audits and compliance checks : Firms will face enhanced monitoring and reporting under the proposed policy. They should implement regular audits and strengthen compliance oversight to uphold safeguarding practices. Regulatory compliance : Staying compliant with open banking regulations is crucial.

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The rise of generative AI in payment security: A double-edged sword for data privacy

The Payments Association

It underscores the need for payment firms to balance AI innovation with robust privacy and regulatory compliance to protect sensitive consumer data. Firms must adopt transparent AI practices, enhance regulatory frameworks, and continuously train models to navigate the evolving landscape of AI-driven threats. Why is it important?

Privacy 88
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Future of Loan Management Systems: Predictions for the Next Decade, 2025-2035

M2P Fintech

This includes employing machine learning algorithms to automate parts of the loan application and underwriting process, as well as using digital platforms to facilitate communication between borrowers, lenders, and other relevant parties. For instance, the increase in use of digital and automated processes is likely to continue.

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From Open Banking to Open Finance to DeFi: The Open Evolution of Finance

Finextra

We’ve seen decentralized exchanges facilitating billions in daily trading, lending platforms with liquidity pools that algorithmically set interest rates, and synthetic assets and derivatives being spun up by coders with a few clicks. In fintech, that meant compliance checks, uptime requirements for APIs, etc.

Finance 52
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How ISV Partnerships and Integrations Can Drive Business Growth

Stax

Expanding into new markets by leveraging ISV solutions that cater to global compliance requirements and multilingual support. A prime example is an accounting software company partnering with a tax compliance ISV to offer automated tax calculations, attracting businesses seeking regulatory compliance.

ISVS 88
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The Walls Within: Why Organizations Cling to Data Silos in the Age of AI

Finextra

This includes implementing robust access controls, multi-factor authentication, and regular security audits. Silos can facilitate the development of explainable AI (XAI) by limiting the complexity of the data and the scope of the models. Restricting access to AI models is a key mechanism for enforcing this control.

AI 59
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Navigating Compliance Challenges with FloQast: Inside the New Enhancements to FloQast Compliance Management

FloQast

These enhancements usher in greater automation and visibility, empowering proactive risk assessment, more effective management of compliance programs, and smoother internal audit processes. Audit Pain and Expense: Challenge : Inadequate preparation for audits results in prolonged processes.