Issue 7
Viewpoint
deployment · global
Mastercard gives AI agents virtual cards, partners with Alchemy
Mastercard announced on September 17 that, in its Agent Pay service, AI agents can shop with virtual cards and spending limits, together with the startup Alchemy. According to the company's product, the bot can buy without approval, while Visa is building a competing tool.
Who is affected and how
- banking professional
- Card-issuing rules need to be worked out for transactions initiated by an agent.
- fintech company
- Card networks are opening their platforms to agents, so it is worth planning integration.
- retail customer
- For a card given to an agent, setting the spending limit is the customer's responsibility.
tool · United States
Anthropic launches Claude tool for financial advisers with BlackRock and Schwab integrations
Anthropic introduced a new Claude product for financial advisers on September 14, which also works with systems from BlackRock and Charles Schwab. Wealth.com has built in estate and tax planning…
chief financial officerFirms need to assess the terms under which an advisory firm's client data can be fed into such an assistant.fintech companyIntegrations that connect to advisory platforms, such as tax and estate planning, open a new market niche.survey · United KingdomSaturn: AI chatbots give inaccurate financial advice 57% of the time
Saturn's report says ChatGPT and Claude answer financial questions incorrectly 57% of the time. According to reports, they overlook tax changes and invent non-existent figures; the report cites…
retail customerTax or investment decisions should not be based on a chatbot's answer without verification.chief financial officerAI output used in client communication should be supplemented with a source-checking step.supervision · European UnionLagarde: Europe faces unprecedented risk of being cut off from US AI
ECB President Christine Lagarde said from 14 September that Europe cannot rely only on US AI and must increase its own computing capacity. According to Reuters, European financial infrastructure is…
banking professionalDependence on critical AI providers should be treated as a supplier risk.supervision · United StatesUS state bank examiners get a playbook for inspecting AI
US state bank regulators received guidelines and an examination framework for monitoring AI risks between September 16 and 18. With no federal-level rules in place, state examiners are the ones…
banking professionalBanks under state supervision should keep an AI-use inventory and risk-management documentation ready.Hungary
surveySurvey finds Hungarians increasingly open to using AI for their financesbanking professionalGiven customer openness, an AI spending-analysis or assistant feature is worth planning, with clear explanations, as customers are poorly informed.retail customerBefore using a bank AI assistant, find out how your data is handled.fintech companyDomestic customer openness gives a market base for personal-finance AI products.surveyAI agents have arrived in Hungary; one in ten online shoppers could use them by 2030banking professionalA Hungarian bank must prepare its identification and approval processes for agent payments.fintech companyThe 2030 forecast justifies developing agent payment products on the Hungarian market as well.oversightHungarian tax authority NAV's AI and machine-learning developments affect cash-book checksaccountantThe cash book must be kept up to date and verifiable, because the tax authority also uses data-driven checks.chief financial officerCash-handling processes must be documented in a way that suits tax-authority analysis.casePrime Minister's Office files complaint over HUF 300 million grant to AI research centrechief financial officerFor publicly funded AI projects, the accounting and spending audit trail must be kept in order.caseRaiffeisen launches AI business coach in Romania; Libra Bank chatbot insults a customerbanking professionalA chatbot that talks to customers needs output filtering and an escalation rule.fintech companyCustomer-service AI errors carry reputational risk, so the system should be tested with extreme inputs.toolHungarian-linked Zocks provides financial assistance within Claudefintech companyThe Hungarian-linked player shows that it is possible to enter the advisory AI ecosystem as an external provider.
More key stories of the week
fraud · global
AI-enabled fraud is 4.5 times as profitable as traditional fraud, reports say
Reports from 14–17 September say fraud carried out with AI is 4.5 times as profitable as traditional fraud. According to Fintech.hu, AI allows even smaller groups to carry out complex attacks.
banking professionalFraud detection models must also be prepared for high-volume, AI-driven attacks.retail customerFor an unexpected, urgent request for money, verify through an independent channel.regulation · globalVisa, Mastercard and Ant seek to align AI agent verification, but disagree on the solution
Visa, Mastercard and Ant International signalled on September 9 that they would align their three separate AI agent verification systems. The parties agree on the problem, but not on the solution.
banking professionalThe standard for agent identification will determine what checks must be built into the payment flow.fintech companyMultiple parallel verification systems may raise integration costs.survey · globalA quarter of financial institutions report deepfake or AI impersonation incidents
A new survey found that almost a quarter of the financial institutions surveyed reported a deepfake or AI-based impersonation incident. In the APAC region, consumers would trade transfer speed for…
banking professionalCustomer authentication must be supplemented with deepfake-resistant methods.retail customerA slower transfer with extra checks seems an acceptable price for security.fraud · globalAuthorities and media warn of AI voice-cloning and investment scams
Between 14 and 19 September, several reports described voice-cloning family scams and AI-based investment fraud, and the DFR issued an investor warning. One article said voice-cloning technology is…
retail customerIf a relative appears to call in an emergency, verify the request with a family code word or by calling back.banking professionalFor unusual transfers by elderly customers, consider applying a delayed approval.survey · globalDeloitte FinanceAI: finance chiefs treat AI as a strategic issue, but most firms are at an early stage
Reports published on 16–18 September say AI is now a strategic business issue for finance leaders, but most companies are at an early stage of adoption. The articles cite Deloitte's FinanceAI survey.
chief financial officerAI should be built into the finance function as a strategic issue, with measurable use cases.accountantAutomating routine tasks is the first step in transforming the finance function.case · United KingdomBeazley and CFC add affirmative AI cover to cyber insurance as insurers split on silent AI risk
Beazley and CFC each built explicit AI cover into their cyber insurance wording within days of each other, on September 17 and 18. An analysis finds insurers divided on whether to leave "silent" AI…
insurerThe policy wording should state clearly whether AI-originated loss is covered or excluded.chief financial officerCorporate insurance cover should be checked for its wording on AI risk.case · United StatesJPMorgan cuts lending to AI-focused hedge fund; hedge fund data quality and AI agent staff in focus
According to a September 14 report, JPMorgan reduced its lending to an AI-focused hedge fund after losses. Another report says AI has lowered the quality of data, the lifeblood of hedge funds, and an…
chief financial officerLender exposure and counterparty risk to AI-driven funds should be reviewed.banking professionalPrime brokerage and lending limits for funds with AI strategies should be reassessed.deployment · AsiaAnt International launches protocol for AI agent payments
Ant International launched a protocol for agentic AI payments on September 14, to be rolled out in the first phase by 10 mobile wallets and 7 acquiring partners. The company says payment control is…
fintech companyWallet and acquiring partners will roll it out in the first round, so the timing of joining the protocol is a matter of competition.banking professionalA separate process is needed for handling agent payment instructions.deployment · globalPeak3 launches AI-DLC alongside AI-native insurance core; insurers would hand AI repeatable work
Peak3 launched the first global insurance AI-DLC, alongside its AI-native core system, on September 14. A survey finds that insurers are ready to hand repeatable work to AI.
insurerAn AI pilot for repetitive claims and service tasks is worth launching, with a measurable turnaround target.chief financial officerThe business case for core system modernisation can also be compared with AI-native options.tool · United StatesThomson Reuters partners with Suralink as FloQast unveils new AI accounting features
Thomson Reuters and Suralink announced a partnership on 15 September to link client collaboration with AI-powered audit workflows. FloQast presented new AI features, and one article says audit firms…
accountantAI features in audit and close workflows are best tried in a controlled pilot.chief financial officerAI-assisted audit tools for client collaboration are also changing the external audit process.supervision · globalAI agents challenge the financial supervision model, Zango analysis finds, as Singapore weighs governance gaps
An analysis by Zango says AI agents challenge the existing model of financial supervision. A report from Singapore weighs the adoption of AI agents against governance gaps.
deployment · globalWorldline, Sokin and PayNearMe launch agent-based payment tools
On 14 September Worldline launched a tool that lets merchants accept purchases made by AI agents on UCP platforms. Sokin introduced an MCP connector, and PayNearMe acquired AI agent assets for PayXM.
fintech companyAgent functions are already live on the acquiring and payment-processing side, so product plans should be accelerated.chief financial officerOn the merchant side, the acceptance and fraud risk of agent purchases needs to be assessed.In brief
deploymentSony Bank and Fujitsu apply generative AI to core banking system developmentbanking professionalGenerative AI is already a practical tool in core banking development, so a pilot is worth launching.chief financial officerSystem development costs and lead times can be re-planned with AI-assisted coding.oversightBIS says AI-linked stock market rally shows signs of vulnerabilitychief financial officerAI exposure and concentration in the portfolio should be reassessed with stress tests.deploymentJPMorgan private bank and Citi build AI into client relationships, but cautiouslybanking professionalClient-facing AI should be piloted first, and the points of handover to a human must be defined.retail customerEven on a wealth management chat or avatar interface, ask for a human adviser for major decisions.caseDimon: AI oversight should be light touch; banks fix their own vulnerabilitiesbanking professionalVulnerability management and patching must speed up because AI-based flaw detection finds problems faster.fraudTwo Michigan homebuyers lose $66,000 in suspected voice-cloning scamretail customerIn a home purchase, never change transfer details on the basis of instructions received by phone; verify only by calling back on a known number.banking professionalFor large property-related transfers, a separate call-back verification is warranted.oversightBank of Korea warns AI trading frenzy in Samsung and SK Hynix derivatives poses financial stability riskchief financial officerLeveraged AI exposure should be restrained with limits.surveyIIF-EY annual survey covers AI use in financial services; PwC says AI skills are in higher demand than MBAsbanking professionalDeveloping AI skills moves up in career and hiring plans.chief financial officerThe survey offers a benchmark for assessing one's own AI-adoption maturity.deploymentJPMorgan rolls out Claude changes: $2,000 spending limits and extra securitybanking professionalA fixed limit and extra authentication on agent spending is a practical pattern for designing controls.retail customerThe agent spending allowance may be limited, so it is worth checking the settings.oversightMAS tests cross-bank AI models to detect scams fasterbanking professionalIn bank fraud detection, modelling data sharing between banks is a practical direction.regulationOECD says supervising AI in finance depends on stricter enforcement of existing rulesregulationAgentic AI in banking: six weeks after the EU AI Act, a US model risk update, SR 26-2banking professionalThe model risk classification of agentic AI should be aligned with regulatory expectations.oversightNAIC expands insurer AI evaluation pilot to machine learninginsurerInsurers should be prepared for supervisory AI evaluation questions on machine learning models too.surveyAccounting firms weigh two AI strategies as trust lags adoption, reports sayaccountantFirms must decide whether AI speeds up existing workflows or rewrites the service model.chief financial officerWith outsourced accounting, ask the provider about its use of AI and its checking practices.investmentSynapse Analytics raises $13 million for AI-powered decisioning at banksfintech companyThe funding round reinforces investor demand for AI decisioning.banking professionalA new vendor option has appeared for banks' decision-making processes.deploymentRipple enables AI agent payments in XRP and RLUSD via Stripe and Tempo's MPPfintech companyCrypto-based settlement for agent payments is a new competitor to card-network solutions.surveyFinance teams speed up tasks with AI but fail to improve the cash cyclechief financial officerAlongside faster tasks, the actual effect on the cash cycle must be measured.insurerWhen entry-level tasks are automated, a separate plan is needed to build the professional talent pipeline.surveyMost x402 payments do not come from AI agents, PYMNTS analysis findsfintech companyAgent payment volume data should be treated with caution as a basis for a business plan.chief financial officerCapital should not be allocated to agent payment infrastructure on the basis of early traffic figures.caseArticles raise question of whether professional liability insurance covers losses from AI hallucinationsinsurerE&O products need clear wording on cover for AI errors.regulationTax officials barred from sharing taxpayer data with AI tools; US corporate tax payments fall on AI investment incentivesaccountantBefore uploading client data to a third-party AI tool, check data-protection and confidentiality limits.chief financial officerTax breaks on AI investment should be factored into tax planning.surveyPayments modernization: 70% plan to deploy AI-based fraud detection within the next yearbanking professionalPayment system modernization is best scheduled together with the rollout of AI fraud detection.fraudDeepfake of Surat MP used to promote fake coins; two arrested over Rs 9.8 crore fraudretail customerAn investment video endorsed by a public figure should be taken seriously only after verifying it through an official channel.oversightIs the FCA underestimating the AI fraud threat?surveyPensionBee study points to worrying AI trend in personal financeretail customerPension and savings decisions based on an AI answer should be checked against an official source.fintech companyCustomer-facing AI features warrant a warning and source attribution.surveyEmkay: Indian fintechs to see meaningful AI revenue only from FY28fintech companyThe payback timeline for AI revenue should be built into the business plan.chief financial officerAI investment decisions should assume a realistic, multi-year payback.investmentChift raises €10.5 million; TCS to lead Aareal Bank's AI-powered transformationfintech companyFunding for a data integration layer signals investor demand for connecting European financial data.banking professionalLarge bank transformation projects rely on external tech providers.toolSEON expands AI-based fraud prevention in the Philippines and adds signal intelligence against fraud ringsfintech companyFor fraud built on fake identities, use device signals and a relationship graph.banking professionalIn fraud detection, link (ring) analysis should be moved ahead of registration checks.oversightIMF says Europe stands to gain much from AI, but at a possible costchief financial officerThe direction of the EU finance ministers' discussion will affect the public policy environment for AI.investmentAI data centers are reshaping risks in the CMBS marketchief financial officerThe share and concentration of data center exposure in CMBS portfolios should be reassessed.