Payments Canada announced the official launch of Fast Payments with the (awkward) title Real Time Rails (RTR). OTTAWA, ON, April 16, 2024 /CNW/ — Payments Canada today announced a path forward for the Real-Time Rail (RTR), Canada’s fastest payment system. The new system will allow payments to be sent and received as well as cleared and settled in real-time 24/7, 365 days a year. The release is limited in breadth and the really interesting pieces and details are ‘to come’ within the second phase noted as infrastructure. Examples I see missing today are fraud management to accomm ..read more

Modern FI’s demand modularity, security, openness, AI-driven capabilities, and API collaboration on cloud Source: Embedded finance The voice of the makers At IBM, we empower you to elevate customer experiences, modernize core banking infrastructures, pioneer innovative payment solutions, and transform enterprise risk management. Learn more at ibm.com/industries/banking-financial-markets. BIAN Financial institutions use BIAN as a starting point to help define and organize their IT software and services needs in a standard, rationalized way around the BIAN service landscape. This in t ..read more

Colin Deacon, Senator reports on a meeting in Toronto with the active players in the #open-banking space. The underlying concern Deacon notes is the significant level of bank fraud apparently experienced by consumers (reported by Interac) and alarmingly they are unable to, or choose not to identify the source. I share this concern. Banks seem content to address each reported case individually rather than produce cohesive cyber security threat landscape analysis and solutions. Fintechs have the high ground on this topic at the moment. AI should used as an analytical tool in this regar ..read more

NVIDIA has introduced the Blackwell platform Produced in response by Perplexity AI. — — — — — — — — — — — — — — — — — — — — — — — — - NVIDIA has introduced the Blackwell platform marking a significant advancement in computing technology. The Blackwell platform, featuring the new Blackwell GPU, is designed to power a new era of computing, enabling organizations to build and run AI models with up to trillion parameters. This innovation is expected to unlock breakthroughs in various fields, including data processing, engineering simulation, electronic design automation, computer-aided drug desi ..read more

My response to C. Grafton, Financial Crime Technology & Innovation Community in Linkedin Certainly the idea of Banks banding together sounds productive. But the concerns mentioned in this thread regarding jurisdiction and legal matters are not inconsequential. I would layer on another impediment in the form of banking governance, which varies between independent larger banks and small medium sized who are governed by every motivation between governmental independence and authoritarian control. BBVA If BBVA could assemble a like minded group of super banks spread across US dollar trad ..read more

The Great Hack — 2 2nd edition 2059 December 29th. Banker (Alex Cameron) and Police Sergeant (Sergeant Joe Tenali) So Alex, tell me again what happened to your bank account. But I have already told everyone. Tell me again. We have many people filing reports of having the bank account hacked. Who have you shared your password with; wife, girlfriend? Constable Tenali, I can assure you as a banker who works in technology, I am extremely aware of the threats to my accounts from intrusions. And I don’t have a girlfriend by the way. I am married. Tenali spoke about the nature of ..read more

No surprise but important to note this development in cyber landscape.. Microsoft (MSFT) has identified and countered efforts by Iran, North Korea, Russia, and China to use AI for cyber attacks, underscoring the rising threat of AI in cybersecurity. Source: AP. Source AP Microsoft says US rivals are beginning to use generative AI in offensive cyber operations BOSTON (AP) — Microsoft said Wednesday it had detected and disrupted instances of U.S. adversaries — chiefly Iran and North Korea and to a lesser extent Russia and China — using or attempting to exploit generative artificial intelli ..read more

EU AI Act Feb 7, 2024 Please note: proviced these sectons and outline of the lengthy act using perplexity.ai. I used the choice of perpexity experimental LLM. The system offers the following additional alternatives. GPT-4 — Latest model by OpenAl Claude-2.1 — Latest model by Anthropic Gemini Pro — Beta model by Google EU AI Act 2024 Title: Laying Down Harmonised Rules on Artificial Intelligence (Artificial Intelligence Act) and Amending Certain Union Legislative Acts the Act — Sections Table Outline High Level Summary High Risk provisions Table Outline of the EU AI  ..read more

Date modified: 2022–02–04 OSFI has updated its bank rules (in 2022 and republished Jan 2024) to reflect the final package of Basel III reforms. These reforms, which help ensure the resiliency of financial institutions, were developed in response to the 2007–2008 global financial crisis and were internationally accepted in 2017. These updated rules will take effect for Canada’s banks in 2023 and will ensure better alignment of risk and capital in many areas through more risk-sensitive rules. The following is an overview of how OSFI’s updated rules will affect Canada’s largest and smallest bank ..read more

Crypto industry steps up political donations as mood in Washington sours FT This quote summarizes Marc Adreessen in his latest pronunciation on “technology first” strategy as the US approaches Presidential Election time. This week Coinbase, Circle and a16z were among the companies to put $78mn into Fairshake, a federal super Pac that can take unlimited money from corporations and individuals to spend on elections, to be directed to “pro-crypto leadership” I am a self proclaimed technology evangelist myself, and devote much of my writing to emerging technology, its impact on my indus ..read more