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In an age of rapid tech advancements, the banking industry faces fresh security risks. We’ve moved beyond the era of simple password breaches. Now, we’re grappling with elaborate frauds like 3D-printed fingerprints and digital face constructs. New technologies to counter these new-age threats are essential. Tools like liveness detection, for example, are not options; they’re likely to be a necessi…

Online commerce has woven itself deeply into our modern way of life. From ordering groceries to procuring the latest tech gadgets, digital transactions have revolutionized how we shop. However, not all transformative changes are positive. One particular trend that has piqued concern within the banking and retail sectors is the rise of so-called “refund services.” For those in banking, getting a ha…

The Truth in Lending Act, commonly abbreviated as “TILA,” is a piece of legislation implemented in the US in 1968. TILA is a federal law designed to promote the informed use of consumer credit by requiring disclosures about terms and cost. It aims to give consumers a more precise understanding of what they are agreeing to before signing on the dotted line. The goal here is fostering fairness and t…

AI-centric technologies are revolutionizing the banking and payment sectors. This is being done by facilitating faster and more efficient transaction processing. Recent coverage by Invezz indicates that the exploration of AI-enabled cloud computing solutions is underway. This could refine the process of securities selection, tailoring them to customer requirements. However, it’s crucial to be awar…

An innovative payment service has just made its debut in the finance sector. The US Federal Reserve has introduced FedNow; a new instant payment platform that will facilitate transactions at any given time. This is distinct from other customer-centric payment services like Venmo or Zelle in that its implementation hinges on the adoption by banking institutions. This is the inaugural real-time paym…

Despite its popularity with younger generations, the buy now pay later (BNPL) sector experienced a series of hurdles throughout 2022. Klarna, a heavyweight in the financial industry, witnessed its value nosedive from an impressive $46 billion valuation at the start of that year to a mere $7 billion by mid-July; an approximate 85% shrinkage. Investor concerns were fueled by possibilities such as an…