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Stanley’s Musings - Fintech, Banking & Payments News #2

Thoughts on fintech, banking, payments, risk management, AI, going green, economics, business and much more…

The latest edition is now available - HERE

Is Today’s Internet a Vulnerable Home for Our Money?

In 'The Unhackable Internet' veteran banking attorney and regulator Tom Vartanian argues for replacing today's Internet with a new, more secure network for financial business. Is he crazy — or a prophetic Cassandra for the age of digital money?

Read all about it HERE.

U.S, UK & 16 others sign AI agreement

Our Report: The US, UK, and 16 other global partners have released new guidelines to “make AI safe by design” using third-party testing and a bug bounty program.

Key Points:

The UK, the US, along with international partners from 16 other countries (including Germany, Italy, Israel, Singapore & more), have signed a 20-page document to create AI systems that are “safe by design” The guidelines build upon the U.S. government's ongoing efforts to ensure new tools are tested before public release, addressing societal harms such as bias, discrimination, privacy concerns—and setting up clear ways for consumers to identify AI-generated material. The commitments require companies to facilitate third-party discovery and reporting of vulnerabilities in their AI systems through a bug bounty system (get ready devs, it’s time to make a tonne of cash). On the matter, the US cybersecurity agency said: "The approach prioritizes ownership of security outcomes for customers, embraces radical transparency and accountability, and establishes organizational structures where secure design is a top priority,"

Why you should care: These guidelines represent a global effort to ensure that AI technology is secure and trustworthy, reflecting a major step in addressing the ongoing concern of AI’s impact—both in the immediate and longer term. Read the full article HERE.

ChatGPT Will Become ‘ChatOMG!’ in 2024, Forrester Predicts

As the use of ChatGPT and other large language models become more prevalent, there will be trouble. Forrester says eight neobanks and two large traditional banks will run afoul of regulators and consumers in 2024. Tightening up controls and compliance with those controls is a key starting point.

Read more HERE.

Fed Governor Says a CBDC in the US Has ‘Unclear’ Use Case and Presents Significant Risks

Federal Reserve Bank governor Michelle Bowman says that the use case for a central bank digital currency (CBDC) in the US remains unclear.

In a new roundtable speech at Harvard, Bowman says that there may be alternatives to CBDCs that already solve the same issues that a digital dollar purports to address.

Read the full article HERE.

What’s Happening with Credit Suisse?

Credit Suisse. Are they like Silicon Valley Bank? And what this all means for depositors and investors!

US Banking Crisis: The Truth Behind The Disaster

Silicon Valley Bank, Signature Bank and Silvergate bank have all collapsed throwing up a warning signs that something horrible is happening in the economy. But what's the truth here? This is a story of incompetence, a changing economic environment and political lobbying.