Friday, June 14, 2024
The U.S. Faster Payments Council released its Faster Payments and Financial Inclusion survey report, exploring the integration of faster payments and their role in financial inclusion. The survey, undertaken by the FPC Financial Inclusion Work Group in the third quarter of 2023, gathered insights from 88 stakeholders, including banks, credit unions and payment providers. Key findings indicate that while 56 percent of respondents offer faster payments, with an additional 35 percent planning to, significant inclusion challenges need addressing. Areas highlighted for improvement include reducing fee variability, enhancing cross-border payment capabilities and implementing stronger consumer protections. The report emphasizes the need for heightened consumer education, improved user experiences to cater to all demographics, and increased collaboration among stakeholders to foster a more inclusive payments ecosystem. This effort aligns with the FPC's commitment to creating payment solutions that are accessible and beneficial to all, particularly the unbanked and underserved populations, the council stated.
Public Citizen urged California Attorney General Rob Bonta to investigate OpenAI's charitable status due to allegations the company is not adhering to its nonprofit objectives. In a letter, Public Citizen pointed out several issues, including the departure of OpenAI's safety leaders and replacement with a team led by CEO Sam Altman; the nonprofit board's lack of awareness about significant product releases; and the introduction of the human-like Voice Mode feature, which seems to contradict the nonprofit's safety-first mission, according to Public Citizen. The letter also highlights potential conflicts of interest arising from business partnerships with companies where Altman holds substantial shares. Public Citizen contends that if OpenAI is no longer fulfilling its nonprofit purpose, it should be dissolved and its assets transferred to organizations focused on artificial intelligence ethics and safety.
The 2024 Advancement in Payment, Innovation & Technology Awards celebrate outstanding achievements and pioneering advancements in the digital currencies and AI sectors. Nominations are open for these awards, which recognize innovators and leaders who are driving the future of the payments industry. The judging panel includes Rufaida Hamilton, Head of Payments, South Africa Standard Bank; Helen Disney, founder and CEO, Unblocked; Peter Tapling, Managing Director, PTap Advisory; Nilixa Devlukia, Strategic advisor to regulators and industry on CBDC, open banking, open finance, and crypto assets; Matt Grasser, Co-Head and Tech Lead, Cambridge SupTech Lab, University of Cambridge | Judge Business School; Gerry Gaetz, Strategic Advisor for Tata Consultancy Services & Former CEO of Payments Canada; Matthew Hunt, Chair of the Global Payments Summit; and Xiaochen Zhang, Chair of the Central Bank AI Conference. Submit nominations by June 30, 2024.
A new study by Galileo Financial Technologies, in partnership with Datos Insights, indicates that although 85 percent of consumers surveyed reported positive experiences with their primary financial institutions (FIs), they are increasingly utilizing services from multiple providers. Traditional banks, while still dominant, face the risk of losing their primary FI status and the customer retention associated with it, researchers said. The Galileo Consumer Banking Report highlights the shift away from using a single provider for all financial needs, particularly among Gen Z and younger millennials who average more than six financial tools, most outside their primary FI. Key findings include a significant number of respondents (37 percent) feeling that their FIs do not offer personalized services suited to their financial situations. Additionally, a preference for digital-first services without human interaction is growing, with 60 percent of participants favoring DIY financial services. The study also notes a missed opportunity in catering to the unique needs of gig workers, suggesting that FIs need to leverage customer data more effectively to offer personalized services and maintain competitiveness. 
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