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The Green Sheet Online Edition

May 13, 2024 • Issue 24:05:01

News Briefs

Policymakers, business leaders address AI threats <- click to read full story

An April 2024 joint initiative between U.S. and UK policymakers underscored mounting concerns about the potential risks posed by artificial intelligence (AI). The bilateral agreement aims to evaluate and regulate AI models in the private sector, reflecting a shared urgency among lawmakers to address evolving AI technologies.

Security experts cautioned financial institutions to adopt best practices in deploying AI to combat fraud, emphasizing the need for partnerships and vigilance. Also, Elon Musk's lawsuit against OpenAI GP LLC, filed in February, addresses the same concerns, particularly regarding the threat of artificial general intelligence to humanity.

CFPB IDs risks in virtual game land <- click to read full story

The CFPB is investigating the growing financial risks and data privacy issues within gaming environments, aiming to protect consumers from scams, fraud, and financial losses. The bureau warned of potential risks due to the integration of banking and payments features. Americans spent around $57 billion on gaming in 2023, including transactions converting real money into virtual currencies.

The report identified a trend toward gaming-related financial services resembling traditional products, such as JPMorgan Chase's development of an embedded payment ecosystem for gaming. However, researchers noted a lack of consumer redress for fraud and theft in virtual worlds, with gaming companies providing inadequate support.

Jawboning begins over interchange settlement <- click to read full story

The proposed legal settlement between Visa, Mastercard, and merchants, promising to reduce interchange fees and allow payment steering, faces criticism from the Merchants Payments Coalition and the National Retail Federation. Richard Crone, who is among the experts favoring the settlement, said the settlement would be a "seismic shift" favoring merchants, who could steer consumers to lower cost payment methods and collectively bargain for lower interchange.

The agreement addresses claims that interchange rates were artificially inflated and hindered merchants from directing customers to cheaper payment methods. However, concerns persist regarding other fees, with indications of increases, prompting calls for passage of legislation like the Credit Card Competition Act (CCCA).

Nacha starts year 50 with a bang <- click to read full story

The Automated Clearing House (ACH), now celebrating its 50th year, is gaining popularity as a preferred method for transferring funds quickly. Same-day ACH payments surged by 47 percent in the first quarter of 2024, with a notable 10.8 percent increase in business-to-business payments.

Consumer-initiated debits, also known as "push payments," rose by 7.4 percent, compared with 2022, comprising 56.6 percent of all ACH debits. In total, 8.2 billion payments worth $801 trillion were processed through the ACH in the first three months of 2024, with 4.6 billion debits and 3.6 billion credits. B2B payments amounted to 6.59 billion transactions totaling $54.20 trillion. This growth signifies a shift in the ACH's role from primarily consumer-focused to encompassing faster payment needs, propelled by the introduction of same-day ACH. end of article

This article contains excerpts from news stories recently posted under Breaking Industry News on our homepage. For links to these and other full news stories, please visit www.greensheet.com/breakingnews.php.

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